Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 31, 2019 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 001-37532 | |
Entity Registrant Name | IBERIABANK Corp | |
Entity Incorporation, State or Country Code | LA | |
Entity Address, Address Line One | 200 West Congress Street | |
Entity Address, City or Town | Lafayette, | |
Entity Address, State or Province | LA | |
Entity Tax Identification Number | 72-1280718 | |
Entity Address, Postal Zip Code | 70501 | |
City Area Code | 337 | |
Local Phone Number | 521-4003 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 52,656,199 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000933141 | |
Current Fiscal Year End Date | --12-31 | |
Common Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock (par value $1.00 per share) | |
Trading Symbol | IBKC | |
Security Exchange Name | NASDAQ | |
Series B Preferred Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, Each Representing a 1/400th Interest in | |
Trading Symbol | IBKCP | |
Security Exchange Name | NASDAQ | |
Series C Preferred Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, Each Representing a 1/400th Interest in | |
Trading Symbol | IBKCO | |
Security Exchange Name | NASDAQ | |
Series D Preferred Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, Each Representing a 1/400th Interest | |
Trading Symbol | IBKCN | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 289,502 | $ 294,186 |
Interest-bearing deposits in other banks | 499,813 | 396,267 |
Total cash and cash equivalents | 789,315 | 690,453 |
Securities available for sale, at fair value | 4,455,308 | 4,783,579 |
Securities held to maturity (fair values of $198,012 and $204,277, respectively) | 192,917 | 207,446 |
Mortgage loans held for sale, at fair value | 187,987 | 107,734 |
Loans and leases, net of unearned income | 23,355,311 | 22,519,815 |
Allowance for loan and lease losses | (146,386) | (140,571) |
Loans and leases, net | 23,208,925 | 22,379,244 |
Premises and equipment, net | 295,897 | 300,507 |
Goodwill | 1,235,533 | 1,235,533 |
Other intangible assets | 81,618 | 88,736 |
Other assets | 999,032 | 1,039,783 |
Total Assets | 31,446,532 | 30,833,015 |
Deposits: | ||
Non-interest-bearing | 6,474,394 | 6,542,490 |
Interest-bearing | 17,820,937 | 17,220,941 |
Total deposits | 24,295,331 | 23,763,431 |
Short-term borrowings | 997,507 | 1,482,882 |
Long-term debt | 1,374,759 | 1,166,151 |
Other liabilities | 540,935 | 364,274 |
Total Liabilities | 27,208,532 | 26,776,738 |
Shareholders’ Equity | ||
Preferred stock, $1 par value - 5,000,000 shares authorized Non-cumulative perpetual, liquidation preference $10,000 per share; 23,750 and 13,750 shares issued and outstanding, respectively, including related surplus | 228,485 | 132,097 |
Common stock, $1 par value - 100,000,000 shares authorized; 52,805,461 and 54,796,231 shares issued and outstanding, respectively | 52,805 | 54,796 |
Additional paid-in capital | 2,714,074 | 2,869,416 |
Retained earnings | 1,195,546 | 1,042,718 |
Accumulated other comprehensive income (loss) | 47,090 | (42,750) |
Total Shareholders’ Equity | 4,238,000 | 4,056,277 |
Total Liabilities and Shareholders’ Equity | $ 31,446,532 | $ 30,833,015 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Securities held to maturity, fair values | $ 198,012 | $ 204,277 |
Preferred stock, par value (in usd per share) | $ 1 | $ 1 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Liquidation preference (per share) | $ 10,000 | $ 10,000 |
Preferred stock, shares issued | 23,750 | 13,750 |
Preferred stock, shares outstanding | 23,750 | 13,750 |
Common stock, par value (in usd per share) | $ 1 | $ 1 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 52,805,461 | 54,796,231 |
Common stock, shares outstanding | 52,805,461 | 54,796,231 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest and dividend income | ||||
Loans and leases, including fees | $ 296,686 | $ 270,476 | $ 581,565 | $ 508,545 |
Mortgage loans held for sale, including fees | 1,588 | 836 | 2,642 | 1,990 |
Taxable securities | 31,662 | 26,617 | 65,578 | 51,945 |
Tax-exempt securities | 2,141 | 2,708 | 4,350 | 5,474 |
Other | 3,890 | 3,186 | 7,916 | 6,412 |
Total interest and dividend income | 335,967 | 303,823 | 662,051 | 574,366 |
Interest Expense | ||||
Deposits | 65,866 | 36,159 | 126,101 | 64,403 |
Short-term borrowings | 5,197 | 3,327 | 10,913 | 5,851 |
Long-term debt | 9,565 | 8,224 | 19,214 | 15,110 |
Total interest expense | 80,628 | 47,710 | 156,228 | 85,364 |
Net interest income | 255,339 | 256,113 | 505,823 | 489,002 |
Provision for credit losses | 10,755 | 7,696 | 24,518 | 15,907 |
Net interest income after provision for credit losses | 244,584 | 248,417 | 481,305 | 473,095 |
Non-interest income | ||||
Income from bank owned life insurance | 1,750 | 1,261 | 3,547 | 2,543 |
Securities (losses) gains, net | (1,014) | 3 | (1,014) | (56) |
Other non-interest income | 4,250 | 4,299 | 8,301 | 7,387 |
Total non-interest income | 58,825 | 53,940 | 111,334 | 98,506 |
Non-interest expense | ||||
Salaries and employee benefits | 103,375 | 107,445 | 201,671 | 212,031 |
Net occupancy and equipment | 18,999 | 19,931 | 37,563 | 39,978 |
Communication and delivery | 3,597 | 4,213 | 7,297 | 8,115 |
Marketing and business development | 3,370 | 4,895 | 7,488 | 9,647 |
Computer services expense | 9,383 | 9,309 | 18,540 | 21,702 |
Professional services | 6,244 | 7,160 | 10,694 | 14,551 |
Credit and other loan related expense | 4,141 | 5,089 | 7,000 | 9,482 |
Insurance | 4,265 | 6,946 | 8,451 | 14,051 |
Travel and entertainment | 2,738 | 2,797 | 5,168 | 6,034 |
Amortization of acquisition intangibles | 4,786 | 6,111 | 9,795 | 11,213 |
Impairment of long-lived assets and other losses | 496 | 15,700 | 1,560 | 24,457 |
Other non-interest expense | 8,224 | 7,180 | 13,144 | 13,586 |
Total non-interest expense | 169,618 | 196,776 | 328,371 | 384,847 |
Income before income tax expense | 133,791 | 105,581 | 264,268 | 186,754 |
Income tax expense | 32,193 | 30,457 | 62,539 | 48,009 |
Net income | 101,598 | 75,124 | 201,729 | 138,745 |
Less: Preferred stock dividends | 949 | 949 | 4,547 | 4,547 |
Net income available to common shareholders | 100,649 | 74,175 | 197,182 | 134,198 |
Less: Earnings allocated to unvested restricted stock | 999 | 767 | 1,931 | 1,409 |
Earnings allocated to common shareholders | $ 99,650 | $ 73,408 | $ 195,251 | $ 132,789 |
Earnings per common share - Basic (in usd per share) | $ 1.87 | $ 1.31 | $ 3.63 | $ 2.42 |
Earnings per common share - Diluted (in usd per share) | 1.86 | 1.30 | 3.61 | 2.41 |
Cash dividends declared per common share (in usd per share) | $ 0.43 | $ 0.38 | $ 0.86 | $ 0.76 |
Comprehensive income | ||||
Net income | $ 101,598 | $ 75,124 | $ 201,729 | $ 138,745 |
Unrealized gains (losses) on securities: | ||||
Unrealized holding gains (losses) arising during the period (net of tax effects of $14,836, $4,449, $25,511, and $18,672, respectively) | 45,108 | (16,734) | 86,516 | (70,240) |
Less: Reclassification adjustment for gains (losses) included in net income (net of tax effects of $251, $1, $251, and $12, respectively) | (763) | 2 | (763) | (44) |
Unrealized gains (losses) on securities, net of tax | 45,871 | (16,736) | 87,279 | (70,196) |
Fair value of derivative instruments designated as cash flow hedges: | ||||
Change in fair value of derivative instruments designated as cash flow hedges during the period (net of tax effects of $1,461, $371, $990, and $1,048, respectively) | 4,441 | 1,395 | 2,256 | 3,944 |
Less: Reclassification adjustment for gains (losses) included in net income (net of tax effects of $26, $11, $100, and $42, respectively) | (78) | (40) | (305) | (156) |
Fair value of derivative instruments designated as cash flow hedges, net of tax | 4,519 | 1,435 | 2,561 | 4,100 |
Other comprehensive income (loss), net of tax | 50,390 | (15,301) | 89,840 | (66,096) |
Comprehensive income | 151,988 | 59,823 | 291,569 | 72,649 |
Mortgage income | ||||
Non-interest income | ||||
Non-interest income | 18,444 | 13,721 | 30,293 | 23,316 |
Service charges on deposit accounts | ||||
Non-interest income | ||||
Non-interest income | 12,847 | 12,950 | 25,657 | 25,858 |
Title revenue | ||||
Non-interest income | ||||
Non-interest income | 6,895 | 6,846 | 12,120 | 11,873 |
Broker commissions | ||||
Non-interest income | ||||
Non-interest income | 2,044 | 2,396 | 3,997 | 4,617 |
ATM and debit card fee income | ||||
Non-interest income | ||||
Non-interest income | 3,032 | 2,925 | 5,614 | 5,558 |
Credit card and merchant-related income | ||||
Non-interest income | ||||
Non-interest income | 3,226 | 3,326 | 6,637 | 6,233 |
Trust department income | ||||
Non-interest income | ||||
Non-interest income | 4,388 | 4,243 | 8,555 | 7,669 |
Commission income | ||||
Non-interest income | ||||
Non-interest income | $ 2,963 | $ 1,970 | $ 7,627 | $ 3,508 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Unrealized holding gains (losses) arising during the period, tax expense (benefit) | $ 14,836 | $ (4,449) | $ 25,511 | $ (18,672) |
Reclassification adjustment for gains (losses) included in net income, tax expense (benefit) | (251) | 1 | (251) | (12) |
Change in fair value of derivative instruments designated as cash flow hedges, tax expense | 1,461 | 371 | 990 | 1,048 |
Reclassification adjustment for gains (losses) included in net income, tax expense (benefit) | $ (26) | $ (11) | $ (100) | $ (42) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Beginning balance (in shares) at Dec. 31, 2017 | 13,750 | 53,872,272 | ||||
Beginning balance at Dec. 31, 2017 | $ 3,696,791 | $ 132,097 | $ 53,872 | $ 2,787,484 | $ 769,226 | $ (45,888) |
Increase (Decrease) in Shareholders' Equity | ||||||
Net income | 138,745 | 138,745 | ||||
Other comprehensive income (loss) | (66,096) | (66,096) | ||||
Cash dividends declared | (43,006) | (43,006) | ||||
Preferred stock dividends | (4,547) | (4,547) | ||||
Common stock issued under incentive plans, net of shares surrendered in payment (in shares) | 130,342 | |||||
Common stock issued under incentive plans, net of shares surrendered in payment | (2,102) | $ 130 | (2,232) | |||
Common stock issued for acquisitions (in shares) | 2,787,773 | |||||
Common stock issued for acquisitions | 214,659 | $ 2,788 | 211,871 | |||
Common stock repurchases (in shares) | (400,000) | |||||
Common stock repurchases | (30,670) | $ (400) | (30,270) | |||
Share-based compensation expense | 9,980 | 9,980 | ||||
Ending balance (in shares) at Jun. 30, 2018 | 13,750 | 56,390,387 | ||||
Ending balance at Jun. 30, 2018 | 3,913,409 | $ 132,097 | $ 56,390 | 2,976,833 | 860,073 | (111,984) |
Beginning balance (in shares) at Mar. 31, 2018 | 13,750 | 56,778,841 | ||||
Beginning balance at Mar. 31, 2018 | 3,900,907 | $ 132,097 | $ 56,779 | 3,001,389 | 807,325 | (96,683) |
Increase (Decrease) in Shareholders' Equity | ||||||
Net income | 75,124 | 75,124 | ||||
Other comprehensive income (loss) | (15,301) | (15,301) | ||||
Cash dividends declared | (21,427) | (21,427) | ||||
Preferred stock dividends | (949) | (949) | ||||
Common stock issued under incentive plans, net of shares surrendered in payment (in shares) | 11,546 | |||||
Common stock issued under incentive plans, net of shares surrendered in payment | 479 | $ 11 | 468 | |||
Common stock repurchases (in shares) | (400,000) | |||||
Common stock repurchases | (30,670) | $ (400) | (30,270) | |||
Share-based compensation expense | 5,246 | 5,246 | ||||
Ending balance (in shares) at Jun. 30, 2018 | 13,750 | 56,390,387 | ||||
Ending balance at Jun. 30, 2018 | 3,913,409 | $ 132,097 | $ 56,390 | 2,976,833 | 860,073 | (111,984) |
Beginning balance (in shares) at Dec. 31, 2018 | 13,750 | 54,796,231 | ||||
Beginning balance at Dec. 31, 2018 | 4,056,277 | $ 132,097 | $ 54,796 | 2,869,416 | 1,042,718 | (42,750) |
Increase (Decrease) in Shareholders' Equity | ||||||
Net income | 201,729 | 201,729 | ||||
Other comprehensive income (loss) | 89,840 | 89,840 | ||||
Cash dividends declared | (46,201) | (46,201) | ||||
Preferred stock dividends | (4,547) | (4,547) | ||||
Common stock issued under incentive plans, net of shares surrendered in payment (in shares) | 157,000 | |||||
Common stock issued under incentive plans, net of shares surrendered in payment | (4,448) | $ 157 | (4,605) | |||
Common stock issued for acquisitions (in shares) | 10,000 | |||||
Common stock issued for acquisitions | 96,388 | $ 96,388 | ||||
Common stock repurchases (in shares) | (2,147,770) | |||||
Common stock repurchases | (164,724) | $ (2,148) | (162,576) | |||
Share-based compensation expense | 11,839 | 11,839 | ||||
Ending balance (in shares) at Jun. 30, 2019 | 23,750 | 52,805,461 | ||||
Ending balance at Jun. 30, 2019 | 4,238,000 | $ 228,485 | $ 52,805 | 2,714,074 | 1,195,546 | 47,090 |
Beginning balance (in shares) at Mar. 31, 2019 | 13,750 | 54,551,264 | ||||
Beginning balance at Mar. 31, 2019 | 4,141,831 | $ 132,097 | $ 54,551 | 2,840,842 | 1,117,641 | (3,300) |
Increase (Decrease) in Shareholders' Equity | ||||||
Net income | 101,598 | 101,598 | ||||
Other comprehensive income (loss) | 50,390 | 50,390 | ||||
Cash dividends declared | (22,744) | (22,744) | ||||
Preferred stock dividends | (949) | (949) | ||||
Common stock issued under incentive plans, net of shares surrendered in payment (in shares) | 14,046 | |||||
Common stock issued under incentive plans, net of shares surrendered in payment | (3) | $ 14 | (17) | |||
Common stock issued for acquisitions (in shares) | 10,000 | |||||
Common stock issued for acquisitions | 96,388 | $ 96,388 | ||||
Common stock repurchases (in shares) | (1,759,849) | |||||
Common stock repurchases | (134,778) | $ (1,760) | (133,018) | |||
Share-based compensation expense | 6,267 | 6,267 | ||||
Ending balance (in shares) at Jun. 30, 2019 | 23,750 | 52,805,461 | ||||
Ending balance at Jun. 30, 2019 | $ 4,238,000 | $ 228,485 | $ 52,805 | $ 2,714,074 | $ 1,195,546 | $ 47,090 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Cash dividends declared per common share (in usd per share) | $ 0.43 | $ 0.38 | $ 0.86 | $ 0.76 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash Flows from Operating Activities | ||
Net income | $ 201,729 | $ 138,745 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization, and accretion, including amortization of purchase accounting adjustments and market value adjustments | 4,811 | (562) |
Provision for credit losses | 24,518 | 15,907 |
Share-based compensation expense - equity awards | 11,839 | 9,980 |
(Gain) loss on sale of OREO and long-lived assets, net of impairment | (1,270) | 5,131 |
Securities losses, net | 1,014 | 56 |
Deferred income tax expense | 35,044 | 11,715 |
Originations of mortgage loans held for sale | (864,324) | (774,849) |
Proceeds from sales of mortgage loans held for sale | 815,728 | 848,116 |
Realized and unrealized (gain) on mortgage loans held for sale, net | (29,425) | (22,688) |
Other operating activities, net | 164,193 | 13,977 |
Net Cash Provided by Operating Activities | 363,857 | 245,528 |
Cash Flows from Investing Activities | ||
Proceeds from sales of available for sale securities | 299,513 | 18,867 |
Proceeds from maturities, prepayments and calls of available for sale securities | 316,982 | 311,340 |
Purchases of available for sale securities, net of available for sale securities acquired | (186,554) | (511,074) |
Proceeds from maturities, prepayments and calls of held to maturity securities | 13,123 | 4,746 |
Purchases of equity securities, net of equity securities acquired | (15,154) | (11,545) |
Proceeds from sales of equity securities | 3,637 | 70,371 |
Increase in loans, net of loans acquired | (824,675) | (501,618) |
Proceeds from sales of premises and equipment | 101 | 2,003 |
Purchases of premises and equipment, net of premises and equipment acquired | (7,819) | (8,304) |
Proceeds from dispositions of OREO | 8,247 | 11,431 |
Cash paid for additional investment in tax credit entities | (4,790) | (1,831) |
Cash received for acquisition of a business, net of cash paid | 0 | 99,318 |
Purchase of bank owned life insurance policies | 0 | (50,000) |
Other investing activities, net | 249 | 554 |
Net Cash Used in Investing Activities | (397,140) | (565,742) |
Cash Flows from Financing Activities | ||
Increase in deposits, net of deposits acquired | 531,900 | 899,752 |
Net change in short-term borrowings | (485,375) | 62,916 |
Proceeds from long-term debt, net of long-term debt acquired | 400,000 | 440,299 |
Repayments of long-term debt | (191,123) | (902,262) |
Cash dividends paid on common stock | (45,926) | (41,508) |
Cash dividends paid on preferred stock | (4,547) | (4,547) |
Net share-based compensation stock transactions | (4,448) | (2,102) |
Payments to repurchase common stock | (164,724) | (30,670) |
Net proceeds from issuance of preferred stock | 96,388 | 0 |
Net Cash Provided by Financing Activities | 132,145 | 421,878 |
Net Increase In Cash and Cash Equivalents | 98,862 | 101,664 |
Cash and Cash Equivalents at Beginning of Period | 690,453 | 625,724 |
Cash and Cash Equivalents at End of Period | 789,315 | 727,388 |
Supplemental Schedule of Non-cash Activities | ||
Acquisition of real estate in settlement of loans | 5,055 | 2,722 |
Common stock issued in acquisitions | 0 | 214,659 |
Cash paid (received) for: | ||
Interest on deposits and borrowings, net of acquired | 149,638 | 83,057 |
Income taxes, net | $ (152,950) | $ 19,006 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION IBERIABANK Corporation is a financial holding company based in Lafayette, Louisiana. The accompanying unaudited consolidated financial statements include the accounts of IBERIABANK Corporation and its consolidated subsidiaries (the "Company"). Through its subsidiaries, the Company provides a full range of commercial and consumer banking services, including private banking, small business, wealth and trust management, retail brokerage, mortgage, commercial leasing and equipment financing, and title insurance services through locations in Louisiana, Arkansas, Tennessee, Alabama, Texas, Florida, Georgia, South Carolina, North Carolina, Mississippi, Missouri, and New York. The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and notes necessary for complete financial statements in accordance with GAAP. In the opinion of management, the accompanying unaudited consolidated financial statements contain all the significant adjustments, consisting of normal and recurring items, considered necessary for fair presentation. These interim financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes in the Annual Report on Form 10-K for the year ended December 31, 2018 . Operating results for the interim period are not necessarily indicative of the results that may be expected for the full year. All significant intercompany balances and transactions have been eliminated in consolidation. Certain amounts reported in prior periods have been reclassified to conform to the current period presentation. See the Glossary of Defined Terms included in this Report for terms used herein. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS Pronouncements adopted during the six months ended June 30, 2019: ASU No. 2016-02, ASU No. 2018-11, ASU No. 2018-20, and ASU 2019-01 In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842) which requires lessees to recognize ROU assets and lease liabilities on the balance sheet for most leases, including operating leases. The lessor accounting model was relatively unchanged by this ASU. Additional quantitative and qualitative disclosures are also required. During 2018 and early 2019, the FASB issued ASU No. 2018-11, Targeted Improvements , ASU No. 2018-20, Narrow-Scope Improvements for Lessors , and ASU No. 2019-01, Codification Improvements , which clarified certain implementation issues, provided an additional optional transition method and clarified the disclosure requirements during the period of adopting ASC 842, among others. The Company adopted ASU No. 2016-02 and the related ASUs discussed above effective January 1, 2019 using the optional transition method. The Company elected the package of practical expedients that does not require the reassessment of whether expired or existing contracts contain leases, the reassessment of the lease classification for any expired or existing leases, or the reassessment of initial direct costs for existing leases. Additionally, the Company did not elect the hindsight practical expedient. The Company conducted a review of all existing lease contracts and service contracts which might contain embedded leases. Some of the Company’s leases contain variable lease payments, the majority of which depend on an index or rate, such as the Consumer Price Index. At transition, the present value of variable payments was based on the index or rate as of January 1, 2019. To determine the present value of lease payments at transition, the Company applied a portfolio approach utilizing an FHLB Advance rate based on the weighted average remaining term of the Company’s existing leases as of January 1, 2019. As a result of adopting ASC 842, the Company established an ROU asset and a lease liability as of January 1, 2019 of $94.2 million and $118.9 million , respectively. Additionally, as part of the adoption of ASC 842, $24.7 million in pre-existing liabilities were reclassified to the ROU asset on January 1, 2019. This resulted in a gross-up of the balance sheet of $94.2 million as a result of recognizing lease liabilities and corresponding right-of-use assets for operating leases. The adoption of ASC 842 also required the recognition of previously deferred gains on sale-leaseback transactions which resulted in an insignificant increase to retained earnings on January 1, 2019. The related impact on the Company’s regulatory capital ratios was not significant. The Company does not expect material changes to the recognition of lease expense in future periods as a result of the adoption of ASC 842. See Note 8, Leases, for additional disclosures required by ASC 842. ASU No. 2018-16 In October 2018, the FASB released ASU No. 2018-16, Derivatives and Hedging (ASC 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes , which permits the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under ASC 815 in addition to the interest rates on direct Treasury obligations of the UST, the LIBOR swap rate, the OIS Rate based on the Fed Funds Effective Rate, and the SIFMA Municipal Swap Rate. The required effective date of this ASU was dependent upon when an entity adopted the provisions of ASU No. 2017-12. The Company adopted ASU No. 2018-16 effective January 1, 2019 on a prospective basis for qualifying new or redesignated hedging relations as ASU No. 2017-12 had previously been adopted on January 1, 2018. The implementation of this ASU did not have a significant impact on the Company’s consolidated financial statements. ASU No. 2017-08 In March 2017, the FASB issued ASU No. 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities, which shortens the amortization period for callable debt securities held at a premium to the earliest call date instead of the maturity date. The amendments do not require an accounting change for securities held at a discount, which will continue to be amortized to the maturity date. The Company adopted ASU No. 2017-08 effective January 1, 2019. The adoption of the ASU did not have a material impact to the Company’s consolidated financial statements. Pronouncements issued but not yet adopted: ASU No. 2016-13, ASU No. 2019-04 (portion related to ASC 326), and ASU No. 2019-05 In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (ASC 326): Measurement of Credit Losses on Financial Instruments . The guidance introduces an impairment model that is based on expected credit losses (ECL), rather than incurred losses, to estimate credit losses on certain types of financial instruments such as loans and held-to-maturity securities, including certain off-balance sheet financial instruments such as loan commitments. The measurement of ECL should consider historical information, current information, and reasonable and supportable forecasts, including estimates of prepayments, over the contractual term. Financial instruments with similar risk characteristics must be grouped together when estimating ECL. The ASU also expands credit quality disclosures. Additionally, ASU No. 2016-13 amends the current AFS security impairment model for debt securities. The new model will require an estimate of ECL when the fair value is below the amortized cost of the asset. The credit-related impairment (and subsequent recoveries) are recognized as an allowance on the balance sheet with a corresponding adjustment to the income statement. Non-credit related losses will continue to be recognized through OCI. In addition, ASU No. 2016-13 provides for a simplified accounting model for purchased financial assets with a more-than-insignificant amount of credit deterioration since their origination. The initial estimate of expected credit losses would be recognized through an ALLL with an offset (i.e., increase) to the cost basis of the related financial asset at acquisition. ASU No. 2016-13 will be effective for fiscal years beginning after December 15, 2019, including interim periods. This ASU will be applied through a modified-retrospective approach, resulting in a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. A prospective transition approach is required for debt securities for which OTTI had been recognized before the effective date. Amounts previously recognized in AOCI as of the date of adoption that relate to improvements in cash flows expected to be collected should continue to be accreted into income over the remaining life of the asset. Recoveries of amounts previously written off relating to improvements in cash flows after the date of adoption should be recorded in earnings when received. During 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Financial Instruments-Credit Losses (ASC 326), Derivatives and Hedging (ASC 815), and Financial Instruments (ASC 825), which clarified the scope of ASU No. 2016-13 and addressed various issues, including accrued interest receivable balances, recoveries, variable interest rates and prepayments, and ASU No. 2019-05, Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief , which clarified certain implementation issues. The effective date for the portion of ASU No. 2019-04 related to credit losses and ASU No. 2019-05 are the same as ASU No. 2016-13. The Company has established a cross-function implementation team and engaged third-party consultants who have jointly developed a project plan to provide implementation oversight. Implementation efforts are underway, including model development, fulfillment of additional data needs for new disclosure and reporting requirements, and drafting of accounting policies. Substantial progress has been made in model development. Model validation commenced in the second quarter of 2019. User acceptance testing and parallel runs are scheduled to begin in the third quarter of 2019. The Company expects that these ASUs will result in an increase to ACL as of January 1, 2020 given the requirement to estimate lifetime expected credit losses for the loan portfolio, although the extent of the increase to ACL is not yet known. The transition adjustment to increase ACL is expected to result in a decrease to shareholders' equity and to a lesser extent, discounts on acquired loans. While these ASUs are expected to increase ACL, they do not change the overall credit risk in the Company's loan and lease portfolios or the ultimate losses therein. The ultimate impact of the adoption of these ASUs will depend on the composition of the loan, lease and securities portfolios, finalization of credit loss models, macroeconomic conditions and forecasts at the adoption date. ASU No. 2018-13 In August 2018, the FASB released ASU No. 2018-13, Fair Value Measurement (ASC 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates, adds and modifies certain disclosure requirements for fair value measurements. The ASU will be effective for fiscal years beginning after December 15, 2019, including interim periods, with early adoption permitted. The Company is currently evaluating the impact of the ASU. While adoption of this ASU will result in changes to existing disclosures, it will not have an impact on the Company’s financial position or results of operations. ASU No. 2018-17 In October 2018, the FASB released ASU No. 2018-17, Consolidation (ASC 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities, which improves the consistency of the application of the variable interest entity (VIE) related party guidance for common control arrangements. This ASU requires reporting entities to consider indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety (as currently required in GAAP) when determining whether a decision-making fee is a variable interest. ASU No. 2018-17 will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and early adoption is permitted. The guidance will be applied retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. The Company is currently evaluating the impact of the ASU on the Company’s consolidated financial statements. ASU No. 2019-04 In April 2019, the FASB released ASU No. 2019-04, Codification Improvements to Financial Instruments-Credit Losses (ASC 326), Derivatives and Hedging (ASC 815), and Financial Instruments (ASC 825). The amendments in the ASU improve the Codification by eliminating inconsistencies and providing clarifications. The amendments related to the credit losses standard are discussed above under ASU 2016-13. With respect to hedge accounting, the ASU addresses partial-term fair value hedges, fair value hedge basis adjustments, and certain transition requirements, among other things. For recognizing and measuring financial instruments, the ASU addresses the scope of the guidance, the requirement for re-measurement under ASC 820 when using the measurement alternative, certain disclosure requirements and which equity securities have to be re-measured at historical exchange rates. Since the Company early adopted the guidance in ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities in 2018, the amended hedge accounting guidance in ASU No. 2019-04 will be effective as of the beginning of the first annual reporting period beginning after April 25, 2019 with early adoption permitted on any date after the issuance of this ASU. The Company is currently evaluating the impact of the ASU on the Company’s consolidated financial statements. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | INVESTMENT SECURITIES The amortized cost and fair values of investment securities, with gross unrealized gains and losses, consist of the following: June 30, 2019 (in thousands) Amortized Gross Gross Estimated Securities available for sale: U.S. Government-sponsored enterprise obligations $ 39,859 $ 341 $ — $ 40,200 Obligations of state and political subdivisions 172,160 6,698 — 178,858 Mortgage-backed securities: Residential agency 3,341,602 32,909 (6,364 ) 3,368,147 Commercial agency 742,760 17,383 (1,107 ) 759,036 Other securities 105,620 3,539 (92 ) 109,067 Total securities available for sale $ 4,402,001 $ 60,870 $ (7,563 ) $ 4,455,308 Securities held to maturity: Obligations of state and political subdivisions $ 175,281 $ 5,407 $ — $ 180,688 Mortgage-backed securities: Residential agency 17,636 30 (342 ) 17,324 Total securities held to maturity $ 192,917 $ 5,437 $ (342 ) $ 198,012 December 31, 2018 (in thousands) Amortized Gross Gross Estimated Securities available for sale: U.S. Government-sponsored enterprise obligations $ 995 $ 3 $ — $ 998 Obligations of state and political subdivisions 177,566 2,045 (723 ) 178,888 Mortgage-backed securities: Residential agency 3,837,584 8,886 (57,073 ) 3,789,397 Commercial agency 730,148 2,363 (14,799 ) 717,712 Other securities 97,020 351 (787 ) 96,584 Total securities available for sale $ 4,843,313 $ 13,648 $ (73,382 ) $ 4,783,579 Securities held to maturity: Obligations of state and political subdivisions $ 188,684 $ 309 $ (2,497 ) $ 186,496 Mortgage-backed securities: Residential agency 18,762 30 (1,011 ) 17,781 Total securities held to maturity $ 207,446 $ 339 $ (3,508 ) $ 204,277 Securities with carrying values of $2.2 billion and $2.4 billion were pledged to support repurchase transactions, public funds deposits, and certain long-term borrowings at June 30, 2019 and December 31, 2018 , respectively. Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, was as follows: June 30, 2019 Less Than Twelve Months Twelve Months or More Total (in thousands) Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Securities available for sale: Mortgage-backed securities: Residential agency $ — $ — $ (6,364 ) $ 1,026,095 $ (6,364 ) $ 1,026,095 Commercial agency — — (1,107 ) 122,450 (1,107 ) 122,450 Other securities — — (92 ) 5,015 (92 ) 5,015 Total securities available for sale $ — $ — $ (7,563 ) $ 1,153,560 $ (7,563 ) $ 1,153,560 Securities held to maturity: Mortgage-backed securities: Residential agency $ — $ — $ (342 ) $ 17,039 $ (342 ) $ 17,039 Total securities held to maturity $ — $ — $ (342 ) $ 17,039 $ (342 ) $ 17,039 December 31, 2018 Less Than Twelve Months Twelve Months or More Total (in thousands) Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Securities available for sale: Obligations of state and political subdivisions $ (9 ) $ 4,112 $ (714 ) $ 30,268 $ (723 ) $ 34,380 Mortgage-backed securities: Residential agency (816 ) 197,057 (56,257 ) 2,193,862 (57,073 ) 2,390,919 Commercial agency (43 ) 18,190 (14,756 ) 483,565 (14,799 ) 501,755 Other securities (94 ) 18,025 (693 ) 32,577 (787 ) 50,602 Total securities available for sale $ (962 ) $ 237,384 $ (72,420 ) $ 2,740,272 $ (73,382 ) $ 2,977,656 Securities held to maturity: Obligations of state and political subdivisions $ (3 ) $ 2,059 $ (2,494 ) $ 151,699 $ (2,497 ) $ 153,758 Mortgage-backed securities: Residential agency — — (1,011 ) 17,478 (1,011 ) 17,478 Total securities held to maturity $ (3 ) $ 2,059 $ (3,505 ) $ 169,177 $ (3,508 ) $ 171,236 The Company held certain investment securities where amortized cost exceeded fair value, resulting in unrealized loss positions, as shown in the tables above. Management evaluates securities for other-than-temporary impairment on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Impairment is considered to be other-than-temporary if the Company (1) intends to sell the security, (2) more likely than not will be required to sell the security before recovering its cost, or (3) does not expect to recover the security's entire amortized cost basis. As of June 30, 2019 , the Company did not intend to sell any of these securities, did not expect to be required to sell these securities, and expected to recover the entire amortized cost of all these securities. At June 30, 2019 , 189 debt securities had unrealized losses of 0.67% of the securities’ amortized cost basis. At December 31, 2018 , 488 debt securities had unrealized losses of 2.38% of the securities’ amortized cost basis. The unrealized losses for each of the securities related to market interest rate changes and not credit concerns of the issuers. Additional information on securities that were in a continuous loss position for over twelve months at June 30, 2019 and December 31, 2018 is presented in the following table. (in thousands) June 30, 2019 December 31, 2018 Number of securities Mortgage-backed securities: Residential agency 159 302 Commercial agency 26 72 Obligations of state and political subdivisions — 60 Other securities 4 7 189 441 Amortized Cost Basis Mortgage-backed securities: Residential agency $ 1,049,840 $ 2,268,608 Commercial agency 123,557 498,321 Obligations of state and political subdivisions — 185,175 Other securities 5,107 33,270 $ 1,178,504 $ 2,985,374 Unrealized Loss Mortgage-backed securities: Residential agency $ 6,706 $ 57,268 Commercial agency 1,107 14,756 Obligations of state and political subdivisions — 3,208 Other securities 92 693 $ 7,905 $ 75,925 The amortized cost and estimated fair value of investment securities by maturity at June 30, 2019 are presented in the following table. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. Accordingly, actual maturities may differ from contractual maturities. Weighted average yields are calculated on the basis of the yield to maturity based on the amortized cost of each security. Securities Available for Sale Securities Held to Maturity (in thousands) Weighted Amortized Estimated Weighted Amortized Estimated Within one year or less 3.67 % $ 1,554 $ 1,558 2.34 % $ 952 $ 955 One through five years 2.66 112,248 113,915 2.63 4,484 4,524 After five through ten years 2.72 769,216 789,351 2.43 45,338 46,508 Over ten years 2.84 3,518,983 3,550,484 2.60 142,143 146,025 2.82 % $ 4,402,001 $ 4,455,308 2.56 % $ 192,917 $ 198,012 The following is a summary of realized gains and losses from the sale of securities classified as available for sale. Gains or losses on securities sold are recorded on the trade date, using the specific identification method. Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2019 2018 2019 2018 Realized gains $ 1,297 $ 30 $ 1,297 $ 39 Realized losses (2,311 ) (27 ) (2,311 ) (95 ) $ (1,014 ) $ 3 $ (1,014 ) $ (56 ) In addition to the gains above, the Company realized certain gains on calls of securities held to maturity that were not significant to the consolidated financial statements. Other Equity Securities The Company accounts for the following securities at cost less impairment plus or minus any observable price changes, which approximates fair value, with the exception of CRA and Community Development Investment Funds, which are recorded at fair value. Other equity securities, which are presented in other assets on the consolidated balance sheets, were as follows: (in thousands) June 30, 2019 December 31, 2018 Federal Home Loan Bank stock $ 108,396 $ 95,213 Federal Reserve Bank stock 85,630 85,630 CRA and Community Development Investment Funds 2,192 1,884 Other investments 15,319 9,709 $ 211,537 $ 192,436 |
Loans and Leases
Loans and Leases | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Loans and Leases | LOANS AND LEASES Loans and leases by portfolio segment and class consist of the following for the periods indicated: (in thousands) June 30, 2019 December 31, 2018 Commercial loans and leases: Real estate - construction $ 1,342,984 $ 1,196,366 Real estate - owner-occupied 2,373,143 2,395,822 Real estate - non-owner-occupied 6,102,143 5,796,117 Commercial and industrial (1) 6,161,759 5,737,017 Total commercial loans and leases 15,980,029 15,125,322 Residential mortgage loans 4,538,194 4,359,156 Consumer and other loans: Home equity 2,147,897 2,304,694 Other 689,191 730,643 Total consumer and other loans 2,837,088 3,035,337 Total loans and leases $ 23,355,311 $ 22,519,815 (1) Includes equipment financing leases Net deferred loan origination fees were $30.1 million and $30.2 million at June 30, 2019 and December 31, 2018 , respectively. Total net discount on the Company's loans was $114.3 million and $136.8 million at June 30, 2019 and December 31, 2018 , respectively, of which $71.6 million and $81.6 million was related to non-impaired loans. In addition to loans issued in the normal course of business, the Company considers overdrafts on customer deposit accounts to be loans and reclassifies these overdrafts as loans in its consolidated balance sheets. At June 30, 2019 and December 31, 2018 , overdrafts of $5.6 million and $9.2 million , respectively, had been reclassified to loans. Loans with carrying values of $8.0 billion and $7.6 billion were pledged as collateral for borrowings at June 30, 2019 and December 31, 2018 , respectively. Aging Analysis The following tables provide an analysis of the aging of loans and leases as of June 30, 2019 and December 31, 2018 . Past due and non-accrual loan amounts exclude acquired impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans. For additional information on the determination of past due status and the Company's policies for recording payments received, placing loans and leases on non-accrual status, and the resumption of interest accrual on non-accruing loans and leases, see Note 1, Summary of Significant Accounting Policies, in the 2018 10-K. June 30, 2019 Accruing (in thousands) Current or Less Than 30 days Past Due 30-59 days 60-89 days > 90 days Total Past Due Non-accrual (1) Acquired Impaired Total Real estate- construction $ 1,322,728 $ 207 $ — $ — $ 207 $ 1,188 $ 18,861 $ 1,342,984 Real estate- owner-occupied 2,285,316 7,274 — — 7,274 15,789 64,764 2,373,143 Real estate- non-owner-occupied 6,007,594 2,456 6,345 — 8,801 22,028 63,720 6,102,143 Commercial and industrial 6,086,983 3,035 437 — 3,472 48,747 22,557 6,161,759 Residential mortgage 4,393,649 4,914 5,941 851 11,706 50,046 82,793 4,538,194 Consumer - home equity 2,067,280 7,123 1,616 — 8,739 18,646 53,232 2,147,897 Consumer - other 680,595 2,972 701 — 3,673 2,548 2,375 689,191 Total $ 22,844,145 $ 27,981 $ 15,040 $ 851 $ 43,872 $ 158,992 $ 308,302 $ 23,355,311 (1) Of the total non-accrual loans at June 30, 2019 , $11.3 million were past due 30-59 days, $4.2 million were past due 60-89 days, and $68.6 million were past due more than 90 days. December 31, 2018 Accruing (in thousands) Current or Less Than 30 days Past Due 30-59 days 60-89 days > 90 days Total Past Due Non-accrual (1) Acquired Impaired Total Real estate- construction $ 1,167,795 $ 1,054 $ — $ — $ 1,054 $ 1,094 $ 26,423 $ 1,196,366 Real estate- owner-occupied 2,305,743 7,167 — — 7,167 10,260 72,652 2,395,822 Real estate- non-owner-occupied 5,703,131 7,473 360 — 7,833 15,898 69,255 5,796,117 Commercial and industrial 5,645,304 5,139 1,320 553 7,012 57,860 26,841 5,737,017 Residential mortgage 4,218,146 2,768 13,063 1,575 17,406 30,396 93,208 4,359,156 Consumer - home equity 2,200,517 10,283 2,409 — 12,692 18,830 72,655 2,304,694 Consumer - other 719,122 4,695 1,601 — 6,296 2,846 2,379 730,643 Total $ 21,959,758 $ 38,579 $ 18,753 $ 2,128 $ 59,460 $ 137,184 $ 363,413 $ 22,519,815 (1) Of the total non-accrual loans at December 31, 2018 , $7.0 million were past due 30-59 days, $3.7 million were past due 60-89 days, and $66.9 million were past due more than 90 days. Acquired Loans The Company acquired certain loans from Sabadell United to customers with addresses outside of the United States. Foreign loans, denominated in U.S. dollars, totaled $200.9 million and $202.6 million at June 30, 2019 and December 31, 2018 , respectively. The following is a summary of changes in the accretable difference for all loans accounted for under ASC 310-30 during the six months ended June 30 : (in thousands) 2019 2018 Balance at beginning of period $ 133,342 $ 152,623 Additions — 2,371 Transfers from non-accretable difference to accretable yield (2,563 ) (467 ) Accretion (19,580 ) (25,140 ) Changes in expected cash flows not affecting non-accretable differences (1) (4,341 ) 7,597 Balance at end of period $ 106,858 $ 136,984 (1) Includes changes in cash flows expected to be collected due to the impact of changes in actual or expected timing of liquidation events, modifications, changes in interest rates and changes in prepayment assumptions. Troubled Debt Restructurings Information about the Company’s TDRs at June 30, 2019 and 2018 is presented in the following tables. Modifications of loans that are accounted for within a pool under ASC Topic 310-30 are excluded as TDRs. Accordingly, such modifications do not result in the removal of those loans from the pool, even if the modification of those loans would otherwise be considered a TDR. As a result, all such acquired loans that would otherwise meet the criteria for classification as a TDR are excluded from the tables below. TDRs totaling $37.4 million and $46.7 million occurred during the six months ended June 30, 2019 and 2018, respectively, through modification of the original loan terms. The following table provides information on how the TDRs were modified during the periods indicated: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2019 2018 2019 2018 Extended maturities $ 7,633 $ 1,790 $ 11,175 $ 7,193 Maturity and interest rate adjustment 224 — 617 102 Movement to or extension of interest-rate only payments 1,771 1,316 1,783 1,364 Interest rate adjustment 74 — 74 103 Forbearance — 1,405 5,742 13,936 Other concession(s) (1) 10,950 15,597 18,018 23,993 Total $ 20,652 $ 20,108 $ 37,409 $ 46,691 (1) Other concessions may include covenant waivers, forgiveness of principal or interest associated with a customer bankruptcy, or a combination of any of the above concessions. Of the $37.4 million of TDRs occurring during the six months ended June 30, 2019 , $13.9 million were on accrual status and $23.5 million were on non-accrual status. Of the $46.7 million of TDRs occurring during the six months ended June 30, 2018 , $20.6 million were on accrual status and $26.1 million were on non-accrual status. The following table presents the end of period balance for loans modified in a TDR during the periods indicated: Three Months Ended June 30, 2019 2018 (in thousands, except number of loans) Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Real estate- owner-occupied 4 $ 339 $ 338 5 $ 2,230 $ 2,201 Real estate- non-owner-occupied 7 4,687 4,628 5 823 780 Commercial and industrial 19 13,757 13,607 16 21,103 13,618 Residential mortgage 10 847 836 7 688 633 Consumer - home equity 22 1,159 1,056 19 2,361 2,350 Consumer - other 20 210 187 35 556 526 Total 82 $ 20,999 $ 20,652 87 $ 27,761 $ 20,108 Six Months Ended June 30, 2019 2018 (in thousands, except number of loans) Number of Loans Pre-modification Outstanding Recorded Investment Post-modification Outstanding Recorded Investment Number of Loans Pre-modification Outstanding Recorded Investment Post-modification Outstanding Recorded Investment Real estate- construction 1 $ 39 $ 37 1 $ 1,950 $ 1,013 Real estate- owner-occupied 6 1,435 1,402 7 12,921 11,290 Real estate- non-owner-occupied 13 7,756 7,651 14 1,912 1,854 Commercial and industrial 38 29,785 20,670 32 35,338 26,684 Residential mortgage 19 1,687 1,669 7 688 633 Consumer - home equity 54 5,312 5,137 33 4,170 4,133 Consumer - other 51 918 843 51 1,126 1,084 Total 182 $ 46,932 $ 37,409 145 $ 58,105 $ 46,691 Information detailing TDRs that defaulted during the three-month and six-month periods ended June 30, 2019 and 2018 , and were modified in the previous twelve months (i.e., the twelve months prior to the default) is presented in the following tables. The Company has defined a default as any loan with a payment that is currently past due greater than 30 days , or was past due greater than 30 days at any point during the respective periods, or since the date of modification, whichever is shorter. Three Months Ended June 30, 2019 2018 (in thousands, except number of loans) Number of Loans Recorded Investment Number of Loans Recorded Investment Real estate- construction 1 $ 37 — $ — Real estate- owner-occupied 4 1,232 5 461 Real estate- non-owner-occupied 11 2,341 9 1,448 Commercial and industrial 17 5,475 8 1,437 Residential mortgage 12 1,012 7 775 Consumer - home equity 17 1,411 11 1,129 Consumer - other 34 515 21 232 Total 96 $ 12,023 61 $ 5,482 Six Months Ended June 30, 2019 2018 (in thousands, except number of loans) Number of Loans Recorded Investment Number of Loans Recorded Investment Real estate- construction 1 $ 37 — $ — Real estate- owner-occupied 6 1,232 6 9,455 Real estate- non-owner-occupied 17 2,913 15 1,813 Commercial and industrial 25 6,152 21 7,100 Residential mortgage 21 1,597 10 1,081 Consumer - home equity 27 2,401 26 2,242 Consumer - other 41 591 48 1,003 Total 138 $ 14,923 126 $ 22,694 |
Allowance for Credit Losses and
Allowance for Credit Losses and Credit Quality | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Allowance for Credit Losses and Credit Quality | ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY Allowance for Credit Losses Activity A summary of changes in the allowance for credit losses for the six months ended June 30 is as follows: (in thousands) 2019 2018 Allowance for loan and lease losses at beginning of period $ 140,571 $ 140,891 Provision for loan and lease losses 24,067 15,581 Transfer of balance to OREO and other (2,863 ) (3,943 ) Charge-offs (19,194 ) (22,734 ) Recoveries 3,805 6,781 Allowance for loan and lease losses at end of period $ 146,386 $ 136,576 Reserve for unfunded commitments at beginning of period $ 14,830 $ 13,208 Balance created in acquisition accounting — 900 Provision for unfunded lending commitments 451 325 Reserve for unfunded commitments at end of period $ 15,281 $ 14,433 Allowance for credit losses at end of period $ 161,667 $ 151,009 A summary of changes in the allowance for credit losses, by loan portfolio type, for the six months ended June 30 is as follows: 2019 (in thousands) Commercial Real Estate Commercial and Industrial Residential Mortgage Consumer and Other Total Allowance for loan and lease losses at beginning of period $ 51,806 $ 54,096 $ 12,998 $ 21,671 $ 140,571 Provision for (Reversal of) loan and lease losses 15,204 5,077 (584 ) 4,370 24,067 Transfer of balance to OREO and other (256 ) (1 ) (2,862 ) 256 (2,863 ) Charge-offs (641 ) (11,880 ) (168 ) (6,505 ) (19,194 ) Recoveries 318 1,796 157 1,534 3,805 Allowance for loan and lease losses at end of period $ 66,431 $ 49,088 $ 9,541 $ 21,326 $ 146,386 Reserve for unfunded commitments at beginning of period $ 4,869 $ 6,198 $ 866 $ 2,897 $ 14,830 Provision for (Reversal of) unfunded commitments 603 (313 ) (206 ) 367 451 Reserve for unfunded commitments at end of period $ 5,472 $ 5,885 $ 660 $ 3,264 $ 15,281 Allowance on loans individually evaluated for impairment $ 4,673 $ 7,656 $ 349 $ 3,176 $ 15,854 Allowance on loans collectively evaluated for impairment 56,251 39,854 5,127 18,008 119,240 Allowance on loans acquired with deteriorated credit quality 5,507 1,578 4,065 142 11,292 Loans and leases, net of unearned income: Balance at end of period $ 9,818,270 $ 6,161,759 $ 4,538,194 $ 2,837,088 $ 23,355,311 Balance at end of period individually evaluated for impairment 74,331 54,860 41,363 39,127 209,681 Balance at end of period collectively evaluated for impairment 9,596,594 6,084,342 4,414,038 2,742,354 22,837,328 Balance at end of period acquired with deteriorated credit quality 147,345 22,557 82,793 55,607 308,302 2018 (in thousands) Commercial Real Estate Commercial and Industrial Residential Mortgage Consumer and Other Total Allowance for loan and lease losses at beginning of period $ 54,201 $ 53,916 $ 9,117 $ 23,657 $ 140,891 Provision for (Reversal of) loan and lease losses (3,404 ) 10,083 1,112 7,790 15,581 Transfer of balance to OREO and other (506 ) (18 ) 6 (3,425 ) (3,943 ) Charge-offs (1,258 ) (13,575 ) (196 ) (7,705 ) (22,734 ) Recoveries 384 4,403 44 1,950 6,781 Allowance for loan and lease losses at end of period $ 49,417 $ 54,809 $ 10,083 $ 22,267 $ 136,576 Reserve for unfunded commitments at beginning of period $ 4,531 $ 5,309 $ 555 $ 2,813 $ 13,208 Balance created in acquisition accounting 129 81 — 690 900 Provision for (Reversal of) unfunded commitments 467 (306 ) 160 4 325 Reserve for unfunded commitments at end of period $ 5,127 $ 5,084 $ 715 $ 3,507 $ 14,433 Allowance on loans individually evaluated for impairment $ 2,274 $ 11,946 $ 168 $ 3,199 $ 17,587 Allowance on loans collectively evaluated for impairment 40,763 40,540 3,816 18,742 103,861 Allowance on loans acquired with deteriorated credit quality 6,380 2,323 6,099 326 15,128 Loans and leases, net of unearned income: Balance at end of period $ 9,292,304 $ 5,512,416 $ 4,124,538 $ 3,146,525 $ 22,075,783 Balance at end of period individually evaluated for impairment 84,217 66,683 5,873 35,550 192,323 Balance at end of period collectively evaluated for impairment 9,017,756 5,415,093 3,984,086 3,029,027 21,445,962 Balance at end of period acquired with deteriorated credit quality 190,331 30,640 134,579 81,948 437,498 Portfolio Segment Risk Factors Commercial real estate loans include loans to commercial customers for long-term financing of land and buildings or for land development or construction of a building. These loans are repaid through revenues from operations of the businesses, rents of properties, sales of properties and refinances. Commercial and industrial loans and leases represent loans to commercial customers to finance general working capital needs, equipment purchases and leases and other projects where repayment is derived from cash flows resulting from business operations. The Company originates commercial business loans on a secured and, to a lesser extent, unsecured basis. Residential mortgage loans consist of loans to consumers to finance a primary residence. The vast majority of the residential mortgage loan portfolio is comprised of non-conforming 1-4 family mortgage loans secured by properties located in the Company's market areas and originated under terms and documentation that permit their sale in a secondary market. Consumer loans are offered by the Company in order to provide a full range of retail financial services to its customers and include home equity, credit card and other direct consumer installment loans. The Company originates substantially all of its consumer loans in its primary market areas. Loans in the consumer segment are sensitive to unemployment and other key consumer economic measures. Credit Quality Indicators For commercial loans and leases, the Company utilizes regulatory classification ratings to monitor credit quality. Loans with a "pass" rating are those that the Company believes will be fully repaid in accordance with the contractual loan terms. Commercial loans and leases that are "criticized" are those that have some weakness or potential weakness that indicate an increased probability of future loss. "Criticized" loans are grouped into three categories: "special mention", "substandard", and "doubtful". Special mention loans have potential weaknesses that, if left uncorrected, may result in deterioration of the Company's credit position at some future date. Substandard commercial loans have well-defined weaknesses and are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful commercial loans have the same weaknesses as substandard loans with the added characteristics that the probability of loss is high and collection of the full amount is improbable. Substandard and doubtful loans are collectively referred to as "classified" loans. For residential mortgage loans and consumer loans, the Company primarily uses the loan's payment and delinquency status to monitor credit quality. These credit quality indicators are continually updated and monitored. The recorded investment in loans and leases by credit quality indicator is presented in the following tables. Asset risk classifications for commercial loans and leases reflect the classification as of June 30, 2019 and December 31, 2018 . Credit quality information in the tables below includes total loans acquired (including acquired impaired loans) at the net loan balance, after the application of premiums and discounts. Loan premiums and discounts represent the adjustment of acquired loans to fair value at the acquisition date, as adjusted for income accretion and changes in cash flow estimates in subsequent periods. June 30, 2019 December 31, 2018 (in thousands) Pass Special Mention Sub- Doubtful Total Pass Special Mention Sub- Doubtful Total Real estate - construction $ 1,320,007 $ 12,262 $ 10,715 $ — $ 1,342,984 $ 1,182,554 $ 1,062 $ 12,740 $ 10 $ 1,196,366 Real estate - owner-occupied 2,308,176 25,114 37,126 2,727 2,373,143 2,328,999 25,526 41,297 — 2,395,822 Real estate - non-owner-occupied 6,011,800 48,323 39,832 2,188 6,102,143 5,687,963 78,009 26,512 3,633 5,796,117 Commercial and industrial 6,018,866 53,075 73,667 16,151 6,161,759 5,586,482 52,632 73,853 24,050 5,737,017 Total $ 15,658,849 $ 138,774 $ 161,340 $ 21,066 $ 15,980,029 $ 14,785,998 $ 157,229 $ 154,402 $ 27,693 $ 15,125,322 June 30, 2019 December 31, 2018 (in thousands) Current 30+ Days Past Due Total Current 30+ Days Past Due Total Residential mortgage $ 4,459,706 $ 78,488 $ 4,538,194 $ 4,290,152 $ 69,004 $ 4,359,156 Consumer - home equity 2,113,237 34,660 2,147,897 2,258,659 46,035 2,304,694 Consumer - other 682,860 6,331 689,191 721,231 9,412 730,643 Total $ 7,255,803 $ 119,479 $ 7,375,282 $ 7,270,042 $ 124,451 $ 7,394,493 Impaired Loans Information on the Company’s investment in impaired loans, which include all TDRs and all other non-accrual loans evaluated or measured individually for impairment for purposes of determining the ALLL, is presented in the following tables as of and for the periods indicated. June 30, 2019 December 31, 2018 Unpaid Principal Balance Recorded Investment Related Allowance Unpaid Principal Balance Recorded Investment Related Allowance (in thousands) With no related allowance recorded: Real estate - construction $ 12,138 $ 11,139 $ — $ 10,261 $ 9,262 $ — Real estate - owner-occupied 27,142 27,064 — 25,037 19,044 — Real estate - non-owner-occupied 21,234 20,271 — 15,265 14,288 — Commercial and industrial 33,989 30,157 — 55,554 43,886 — Residential mortgage 32,448 31,645 — 1,244 1,221 — Consumer - home equity 1,995 1,998 — 4,183 4,176 — Consumer - other — — — — — — With an allowance recorded: Real estate - construction 140 127 (2 ) 228 140 (11 ) Real estate - owner-occupied 8,811 8,248 (4,061 ) 5,032 4,773 (520 ) Real estate - non-owner-occupied 7,683 7,482 (610 ) 6,445 6,398 (105 ) Commercial and industrial 37,969 24,703 (7,656 ) 46,387 27,915 (12,646 ) Residential mortgage 10,366 9,718 (349 ) 5,870 5,358 (145 ) Consumer - home equity 33,194 32,702 (2,662 ) 29,284 28,818 (2,427 ) Consumer - other 4,743 4,427 (514 ) 4,956 4,446 (488 ) Total $ 231,852 $ 209,681 $ (15,854 ) $ 209,746 $ 169,725 $ (16,342 ) Total commercial loans and leases $ 149,106 $ 129,191 $ (12,329 ) $ 164,209 $ 125,706 $ (13,282 ) Total residential mortgage loans 42,814 41,363 (349 ) 7,114 6,579 (145 ) Total consumer and other loans 39,932 39,127 (3,176 ) 38,423 37,440 (2,915 ) Three Months Ended June 30, 2019 Three Months Ended June 30, 2018 Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Average Interest Average Interest Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (in thousands) With no related allowance recorded: Real estate - construction $ 21,339 $ 341 $ 12,952 $ 198 $ 21,340 $ 678 $ 12,597 $ 393 Real estate - owner-occupied 24,134 326 30,899 209 27,314 569 31,265 609 Real estate - non-owner-occupied 20,305 100 15,929 121 20,360 207 16,558 250 Commercial and industrial 29,315 151 37,859 389 29,816 331 37,806 836 Residential mortgage 27,129 235 1,272 13 18,804 374 1,280 27 Consumer - home equity 1,998 22 1,910 28 1,943 44 1,922 52 With an allowance recorded: Real estate - construction 131 1 152 — 135 2 152 — Real estate - owner-occupied 8,578 57 19,582 82 8,628 116 19,696 192 Real estate - non-owner-occupied 7,557 42 1,631 14 7,643 122 1,705 39 Commercial and industrial 23,891 177 38,134 158 21,400 371 38,981 357 Residential mortgage 9,833 73 4,657 47 9,881 169 4,678 92 Consumer - home equity 32,885 332 28,595 304 32,341 656 28,173 600 Consumer - other 4,533 63 5,220 67 4,597 128 5,267 139 Total $ 211,628 $ 1,920 $ 198,792 $ 1,630 $ 204,202 $ 3,767 $ 200,080 $ 3,586 Total commercial loans and leases $ 135,250 $ 1,195 $ 157,138 $ 1,171 $ 136,636 $ 2,396 $ 158,760 $ 2,676 Total residential mortgage loans 36,962 308 5,929 60 28,685 543 5,958 119 Total consumer and other loans 39,416 417 35,725 399 38,881 828 35,362 791 As of June 30, 2019 and December 31, 2018 , the Company was not committed to lend a material amount of additional funds to any customer whose loan was classified as impaired or as a TDR. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill Changes to the carrying amount of goodwill by reporting unit for the six months ended June 30, 2019 , and the year ended December 31, 2018 are provided in the following table: (in thousands) IBERIABANK Mortgage LTC Total Balance, December 31, 2017 $ 1,160,559 $ 23,178 $ 5,165 $ 1,188,902 Goodwill acquired and adjustments during the year 43,251 — 3,380 46,631 Balance, December 31, 2018 $ 1,203,810 $ 23,178 $ 8,545 $ 1,235,533 Goodwill acquired and adjustments during the year — — — — Balance, June 30, 2019 $ 1,203,810 $ 23,178 $ 8,545 $ 1,235,533 The goodwill acquired and adjustments made during 2018 were the result of the Sabadell United, Gibraltar, and SolomonParks acquisitions. There were no changes to goodwill during the six months ended June 30, 2019 . The Company performed the required annual goodwill impairment test as of October 1, 2018. The Company’s annual impairment test did not indicate impairment in any of the Company’s reporting units as of the testing date. Following the testing date, management evaluated the events and changes that could indicate that goodwill might be impaired and concluded that a subsequent interim test was not necessary. Mortgage Servicing Rights Mortgage servicing rights are recorded at the lower of cost or market value in other intangible assets on the Company's consolidated balance sheets and amortized over the remaining servicing life of the loans, with consideration given to prepayment assumptions. Mortgage servicing rights had the following carrying values as of the periods indicated: June 30, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (in thousands) Mortgage servicing rights $ 16,885 $ (5,486 ) $ 11,399 $ 13,612 $ (4,806 ) $ 8,806 Title Plant The Company held title plant assets recorded in other intangible assets on the Company's consolidated balance sheets totaling $6.8 million at both June 30, 2019 and December 31, 2018 . No events or changes in circumstances occurred during the six months ended June 30, 2019 to suggest the carrying value of the title plant was not recoverable. Intangible assets subject to amortization Definite-lived intangible assets had the following carrying values included in other intangible assets on the Company’s consolidated balance sheets as of the periods indicated: June 30, 2019 December 31, 2018 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Core deposit intangible assets $ 136,183 $ (72,870 ) $ 63,313 $ 136,183 $ (63,213 ) $ 72,970 Customer relationship intangible asset 1,385 (1,354 ) 31 1,385 (1,323 ) 62 Non-compete agreement 206 (94 ) 112 206 (72 ) 134 Total $ 137,774 $ (74,318 ) $ 63,456 $ 137,774 $ (64,608 ) $ 73,166 |
Derivative Instruments and Othe
Derivative Instruments and Other Hedging Activities | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Other Hedging Activities | DERIVATIVE INSTRUMENTS AND OTHER HEDGING ACTIVITIES The Company enters into derivative financial instruments to manage interest rate risk, exposures related to liquidity and credit risk, and to facilitate customer transactions. The primary types of derivatives utilized by the Company for its risk management strategies include interest rate swap agreements, interest rate collars, interest rate floors, foreign exchange contracts, interest rate lock commitments, forward sales commitments, written and purchased options, and credit derivatives. All derivative instruments are recognized on the consolidated balance sheets as other assets or other liabilities at fair value, regardless of whether a right of offset exists. Cash flow hedge relationships mitigate exposure to the variability of future cash flows or other forecasted transactions. The Company enters into interest rate swap agreements in a cash flow hedge to convert forecasted variable interest payments to a fixed rate on its junior subordinated debt. In addition, the Company has entered into interest rate collars and interest rate floors and designated the instruments as cash flow hedges of the risk of fluctuations in interest rates, thereby reducing the Company's exposure to variability in cash flows from variable-rate loans. For cash flow hedges, the effective and ineffective portions of the gain or loss related to the derivative instrument is initially reported as a component of other comprehensive income and subsequently reclassified into earnings when the forecasted transaction affects earnings or when the hedge is terminated. In applying hedge accounting for derivatives, the Company establishes and documents a method for assessing the effectiveness of the hedging derivative and a measurement approach for determining the ineffective aspect of the hedge upon the inception of the hedge. For derivative instruments that are not designated as hedging instruments, changes in the fair value of the derivatives are recognized in earnings immediately. Information pertaining to outstanding derivative instruments is as follows: Derivative Assets - Fair Value Derivative Liabilities - Fair Value (in thousands) June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 Derivatives designated as hedging instruments: Interest rate contracts $ 21,015 $ 3,469 $ — $ — Total derivatives designated as hedging instruments $ 21,015 $ 3,469 $ — $ — Derivatives not designated as hedging instruments: Interest rate contracts: Customer swaps - upstream $ 24 $ 474 $ 5,041 $ 191 Customer swaps - downstream 76,944 16,946 1,760 17,812 Foreign exchange contracts — 18 — 18 Forward sales contracts 146 630 1,834 750 Written and purchased options 9,574 5,490 3,871 3,310 Other contracts 44 21 93 43 Total derivatives not designated as hedging instruments $ 86,732 $ 23,579 $ 12,599 $ 22,124 Total $ 107,747 $ 27,048 $ 12,599 $ 22,124 Derivative Assets - Notional Amount Derivative Liabilities - Notional Amount (in thousands) June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 Derivatives designated as hedging instruments: Interest rate contracts $ 800,000 $ 408,500 $ 108,500 $ — Total derivatives designated as hedging instruments $ 800,000 $ 408,500 $ 108,500 $ — Derivatives not designated as hedging instruments: Interest rate contracts: Customer swaps - upstream $ 375,805 $ 919,653 $ 1,885,919 $ 701,257 Customer swaps - downstream 1,885,919 701,257 375,805 919,653 Foreign exchange contracts — 1,202 — 1,202 Forward sales contracts 46,143 1,140 262,566 143,179 Written and purchased options 350,875 229,333 137,167 140,645 Other contracts 54,568 50,527 113,396 85,623 Total derivatives not designated as hedging instruments $ 2,713,310 $ 1,903,112 $ 2,774,853 $ 1,991,559 Total $ 3,513,310 $ 2,311,612 $ 2,883,353 $ 1,991,559 The Company has entered into risk participation agreements with counterparties to transfer or assume credit exposures related to interest rate derivatives. The notional amounts of risk participation agreements sold were $113.4 million and $85.6 million at June 30, 2019 and December 31, 2018 , respectively. Assuming all underlying third party customers referenced in the swap contracts defaulted at June 30, 2019 and December 31, 2018 , the exposure from these agreements would not be material based on the fair value of the underlying swaps. The Company is party to collateral agreements with certain derivative counterparties. Such agreements require that the Company maintain collateral based on the fair values of individual derivative transactions. In the event of default by the Company, the counterparty would be entitled to the collateral. At June 30, 2019 and December 31, 2018 , the Company was not required to post collateral due to the Company's derivative position at the balance sheet date. At June 30, 2019 and December 31, 2018 , the Company was required to post $78.4 million and $35.8 million , respectively, in variation margin payments for its derivative transactions, which is required to be netted against the fair value of the derivatives in other assets or other liabilities on the consolidated balance sheets. The Company does not anticipate additional assets will be required to be posted as collateral, nor does it believe additional assets would be required to settle its derivative instruments immediately if contingent features were triggered at June 30, 2019 . The Company’s master netting agreements represent written, legally enforceable bilateral agreements that (1) create a single legal obligation for all individual transactions covered by the master agreement and (2) in the event of default, provide the non-defaulting counterparty the right to accelerate, terminate, and close-out on a net basis all transactions under the agreement and to promptly liquidate or set-off collateral posted by the defaulting counterparty. As permitted by GAAP, the Company does not offset fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral against recognized fair value amounts of derivatives executed with the same counterparty under a master netting agreement. The following table reconciles the gross amounts presented in the consolidated balance sheets to the net amounts that would result in the event of offset. June 30, 2019 Gross Amounts Presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Net (in thousands) Derivatives Collateral Derivatives subject to master netting arrangements Derivative assets Interest rate contracts designated as hedging instruments $ 21,015 $ — $ — $ 21,015 Interest rate contracts not designated as hedging instruments 76,968 (5,129 ) — 71,839 Written and purchased options 3,832 — — 3,832 Total derivative assets subject to master netting arrangements $ 101,815 $ (5,129 ) $ — $ 96,686 Derivative liabilities Interest rate contracts not designated as hedging instruments $ 6,801 $ (5,129 ) $ — $ 1,672 Written and purchased options 3,832 — — 3,832 Total derivative liabilities subject to master netting arrangements $ 10,633 $ (5,129 ) $ — $ 5,504 December 31, 2018 Gross Amounts Presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Net (in thousands) Derivatives Collateral Derivatives subject to master netting arrangements Derivative assets Interest rate contracts designated as hedging instruments $ 3,469 $ — $ — $ 3,469 Interest rate contracts not designated as hedging instruments 17,420 (619 ) — 16,801 Written and purchased options 3,285 — — 3,285 Total derivative assets subject to master netting arrangements $ 24,174 $ (619 ) $ — $ 23,555 Derivative liabilities Interest rate contracts not designated as hedging instruments $ 18,003 $ (619 ) $ — $ 17,384 Written and purchased options 3,285 — — 3,285 Total derivative liabilities subject to master netting arrangements $ 21,288 $ (619 ) $ — $ 20,669 During the three and six months ended June 30, 2019 and 2018 , the Company did not reclassify into earnings any gain or loss as a result of the discontinuance of cash flow hedges because it was probable the original forecasted transaction would not occur by the end of the originally specified term. At June 30, 2019 , the Company did not expect to reclassify a material amount from accumulated other comprehensive income into interest income over the next twelve months for derivatives that will be settled. At June 30, 2019 and 2018 , and for the three and six months then ended, information pertaining to the effect of the hedging instruments on the consolidated financial statements was as follows: Amount of Gain (Loss) Recognized in OCI, net of taxes Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income, net of taxes Location of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing) Amount of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing) Total Including Component Excluding Component Total Including Component Excluding Component Total Including Component Excluding Component (in thousands) For the Three Months Ended June 30, Derivatives in Cash Flow Hedging Relationships 2019 2019 2019 Interest rate contracts $ 4,441 $ 5,982 $ (1,541 ) Interest expense $ (78 ) $ 179 $ (257 ) Interest expense $ — $ — $ — 2018 2018 2018 Interest rate contracts $ 1,395 $ 1,395 $ — Interest expense $ (40 ) $ (40 ) $ — Interest expense $ — $ — $ — Amount of Gain (Loss) Recognized in OCI, net of taxes Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income, net of taxes Location of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing) Amount of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing) Total Including Component Excluding Component Total Including Component Excluding Component Total Including Component Excluding Component (in thousands) For the Six Months Ended June 30, Derivatives in Cash Flow Hedging Relationships 2019 2019 2019 Interest rate contracts $ 2,256 $ 2,884 $ (628 ) Interest expense $ (305 ) $ 110 $ (415 ) Interest expense $ — $ — $ — 2018 2018 2018 Interest rate contracts $ 3,944 $ 3,944 $ — Interest expense $ (156 ) $ (156 ) $ — Interest expense $ — $ — $ — Information pertaining to the effect of derivatives not designated as hedging instruments on the consolidated financial statements as of June 30, was as follows: Location of Gain (Loss) Recognized in Income on Derivatives Amount of Gain (Loss) Recognized in Income on Derivatives For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2019 2018 2019 2018 Interest rate contracts (1) Commission income $ 2,513 $ 1,458 $ 6,694 $ 2,507 Foreign exchange contracts Other income 1 5 6 10 Forward sales contracts Mortgage income (3,111 ) 228 (6,320 ) 3,615 Written and purchased options Mortgage income 1,660 517 3,523 1,165 Other contracts Other income (18 ) (2 ) (27 ) (5 ) Total $ 1,045 $ 2,206 $ 3,876 $ 7,292 (1) Includes fees associated with customer interest rate contracts. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | LEASES IBERIABANK as Lessee The Company leases certain branch and corporate offices, land and ATM facilities through operating leases with terms ranging from less than one year to 45 years . The Company has no financing leases (formerly capital leases). As discussed in Note 2, Recent Accounting Pronouncements, the Company adopted new guidance for leases on January 1, 2019 which requires that leases, whether classified as operating leases or financing leases, to be accounted for as the acquisition of a right-of-use asset (ROU asset) and a related lease liability recorded at the present value of the lease payments less any lease incentives. The ROU asset represents the Company’s right to use an underlying asset for the lease term and is included in other assets on the Company’s consolidated balance sheets. The lease liability represents the Company’s obligation to make lease payments and is included in other liabilities in the Company’s consolidated balance sheets. The cost of the lease is recognized on a straight-line basis over the lease term as lease expense. Prior to January 1, 2019, operating leases were not recorded on the balance sheet. See Note 2, Recent Accounting Pronouncements, for further discussion of the adoption of this new guidance. Subsequent to the adoption of ASC 842 on January 1, 2019, the Company reviews new lease and service contracts to determine if the contracts contain an embedded lease. For leases that do not provide an implicit rate, the Company uses the corresponding FHLB Advance rate based on the lease term at commencement in determining the present value of lease payments. For leases with variable lease payments, the present value will be determined using the index at the lease commencement date. Changes in variable rent payments due to subsequent changes in the index or rate do not result in a re-measurement of the ROU asset or lease liability, but are recognized as expense in the period in which they occur. Certain of the Company’s leases contain options to either renew, extend or terminate the lease. As of June 30, 2019, no material extensions or terminations were considered reasonably certain, and as such, were not included in the measurement of the lease liability and ROU asset. The Company also has lease agreements with lease and non-lease components, which are generally accounted for separately. Non-lease components, which primarily consist of common area maintenance, utilities, and janitorial services, are based on the stand-alone price of the services and expensed as incurred. Operating lease expense for the three and six months ended June 30, 2019 totaled $6.9 million and $13.6 million , respectively. During the three and six months ended June 30, 2019 , the Company paid $7.7 million and $14.4 million , respectively, for amounts included in the measurement of lease liabilities and $8.0 million and $13.2 million , respectively, to obtain ROU assets. The following summarizes the ROU asset and lease liabilities as of June 30, 2019 : (in thousands) June 30, 2019 Right-of-use assets $ 98,723 Lease liabilities 119,463 Weighted average remaining lease term 7.9 years Weighted average discount rate 3.3 % Maturities of operating lease liabilities as of June 30, 2019 were as follows: (in thousands) 2019 $ 13,345 2020 25,055 2021 21,221 2022 18,154 2023 13,522 2024 and thereafter 45,371 Total operating lease payments $ 136,668 Less: Imputed interest 17,205 Total lease liabilities $ 119,463 As of June 30, 2019 , the Company had not entered into any material leases that had not yet commenced. IBERIABANK as Lessor As a lessor, the Company engages in the leasing of equipment to commercial customers primarily through direct financing and sales-type leases. Direct financing and sales-type leases are similar to other forms of installment lending in that lessors generally do not retain benefits and risks incidental to ownership of the property subject to leases. Such arrangements are essentially financing transactions that permit lessees to acquire and use property. The new guidance on leases discussed above did not have a significant impact on the lessor model of accounting. As lessor, the sum of all minimum lease payments over the lease term and the estimated residual value, less unearned interest income, is recorded as the net investment in the lease on the commencement date and is included in loans and leases, net of unearned income in the consolidated balance sheet. Interest income is accrued as earned over the term of the lease based on the net investment in leases. Fees incurred to originate the lease are deferred on the commencement date and recognized as an adjustment of the yield on the lease. The Company’s portfolio of direct financing and sales-type leases contains terms of 4 to 20 years . Some of these leases contain options to extend the leases for up to 12 months and/or to terminate the lease within one year . These direct financing and sales-type leases typically include a payment structure set at lease inception and do not provide any additional services. Expenses associated with the leased equipment, such as maintenance and insurance, are paid by the lessee directly to third parties. The lease agreement typically contains an option for the purchase of the leased property by the lessee at the end of the lease term at either the property’s residual value or a specified price. In all cases, the Company expects to sell or re-lease the equipment at the end of the lease term. Due to the nature and structure of the Company’s direct financing and sales-type leases, there is no selling profit or loss on these transactions. At a lease’s inception, the Company determines the expected residual value of the leased property at the end of the lease term based on the type of equipment leased, location and usage, as well as the contractual return provisions in the lease agreement. Additionally, the Company utilizes multiple market sources of data to establish equipment values and in many cases engages certified appraisers to provide valuation analyses. In order to manage the risk associated with the residual value of its leased assets, lease agreements typically include various provisions designed to protect the value of the leased property, such as contractual equipment maintenance, use and return provisions; remarketing agreements; and lessee guarantees. In a few cases, the Company also obtains third-party guarantees to further manage residual risk in the portfolio. On an annual basis, leased properties with material residual values are reviewed for impairment. The components of the Company’s net investment in leases were as follows: (in thousands) June 30, 2019 Lease payment receivable $ 259,103 Unguaranteed residual assets 28,903 Total net investment in leases $ 288,006 For the three and six months ended June 30, 2019 , interest income for direct financing or sales-type leases totaled $2.3 million and $4.3 million . During the three and six months ended June 30, 2019 , there was no profit or loss recognized at the commencement date for direct financing or sales-type leases. Maturities of the Company's lease receivables as of June 30, 2019 were as follows: (in thousands) 2019 $ 21,556 2020 42,696 2021 42,619 2022 37,866 2023 30,344 2024 and thereafter 93,482 Total future minimum lease payments $ 268,563 Less: Imputed interest 9,460 Lease receivables $ 259,103 |
Leases | LEASES IBERIABANK as Lessee The Company leases certain branch and corporate offices, land and ATM facilities through operating leases with terms ranging from less than one year to 45 years . The Company has no financing leases (formerly capital leases). As discussed in Note 2, Recent Accounting Pronouncements, the Company adopted new guidance for leases on January 1, 2019 which requires that leases, whether classified as operating leases or financing leases, to be accounted for as the acquisition of a right-of-use asset (ROU asset) and a related lease liability recorded at the present value of the lease payments less any lease incentives. The ROU asset represents the Company’s right to use an underlying asset for the lease term and is included in other assets on the Company’s consolidated balance sheets. The lease liability represents the Company’s obligation to make lease payments and is included in other liabilities in the Company’s consolidated balance sheets. The cost of the lease is recognized on a straight-line basis over the lease term as lease expense. Prior to January 1, 2019, operating leases were not recorded on the balance sheet. See Note 2, Recent Accounting Pronouncements, for further discussion of the adoption of this new guidance. Subsequent to the adoption of ASC 842 on January 1, 2019, the Company reviews new lease and service contracts to determine if the contracts contain an embedded lease. For leases that do not provide an implicit rate, the Company uses the corresponding FHLB Advance rate based on the lease term at commencement in determining the present value of lease payments. For leases with variable lease payments, the present value will be determined using the index at the lease commencement date. Changes in variable rent payments due to subsequent changes in the index or rate do not result in a re-measurement of the ROU asset or lease liability, but are recognized as expense in the period in which they occur. Certain of the Company’s leases contain options to either renew, extend or terminate the lease. As of June 30, 2019, no material extensions or terminations were considered reasonably certain, and as such, were not included in the measurement of the lease liability and ROU asset. The Company also has lease agreements with lease and non-lease components, which are generally accounted for separately. Non-lease components, which primarily consist of common area maintenance, utilities, and janitorial services, are based on the stand-alone price of the services and expensed as incurred. Operating lease expense for the three and six months ended June 30, 2019 totaled $6.9 million and $13.6 million , respectively. During the three and six months ended June 30, 2019 , the Company paid $7.7 million and $14.4 million , respectively, for amounts included in the measurement of lease liabilities and $8.0 million and $13.2 million , respectively, to obtain ROU assets. The following summarizes the ROU asset and lease liabilities as of June 30, 2019 : (in thousands) June 30, 2019 Right-of-use assets $ 98,723 Lease liabilities 119,463 Weighted average remaining lease term 7.9 years Weighted average discount rate 3.3 % Maturities of operating lease liabilities as of June 30, 2019 were as follows: (in thousands) 2019 $ 13,345 2020 25,055 2021 21,221 2022 18,154 2023 13,522 2024 and thereafter 45,371 Total operating lease payments $ 136,668 Less: Imputed interest 17,205 Total lease liabilities $ 119,463 As of June 30, 2019 , the Company had not entered into any material leases that had not yet commenced. IBERIABANK as Lessor As a lessor, the Company engages in the leasing of equipment to commercial customers primarily through direct financing and sales-type leases. Direct financing and sales-type leases are similar to other forms of installment lending in that lessors generally do not retain benefits and risks incidental to ownership of the property subject to leases. Such arrangements are essentially financing transactions that permit lessees to acquire and use property. The new guidance on leases discussed above did not have a significant impact on the lessor model of accounting. As lessor, the sum of all minimum lease payments over the lease term and the estimated residual value, less unearned interest income, is recorded as the net investment in the lease on the commencement date and is included in loans and leases, net of unearned income in the consolidated balance sheet. Interest income is accrued as earned over the term of the lease based on the net investment in leases. Fees incurred to originate the lease are deferred on the commencement date and recognized as an adjustment of the yield on the lease. The Company’s portfolio of direct financing and sales-type leases contains terms of 4 to 20 years . Some of these leases contain options to extend the leases for up to 12 months and/or to terminate the lease within one year . These direct financing and sales-type leases typically include a payment structure set at lease inception and do not provide any additional services. Expenses associated with the leased equipment, such as maintenance and insurance, are paid by the lessee directly to third parties. The lease agreement typically contains an option for the purchase of the leased property by the lessee at the end of the lease term at either the property’s residual value or a specified price. In all cases, the Company expects to sell or re-lease the equipment at the end of the lease term. Due to the nature and structure of the Company’s direct financing and sales-type leases, there is no selling profit or loss on these transactions. At a lease’s inception, the Company determines the expected residual value of the leased property at the end of the lease term based on the type of equipment leased, location and usage, as well as the contractual return provisions in the lease agreement. Additionally, the Company utilizes multiple market sources of data to establish equipment values and in many cases engages certified appraisers to provide valuation analyses. In order to manage the risk associated with the residual value of its leased assets, lease agreements typically include various provisions designed to protect the value of the leased property, such as contractual equipment maintenance, use and return provisions; remarketing agreements; and lessee guarantees. In a few cases, the Company also obtains third-party guarantees to further manage residual risk in the portfolio. On an annual basis, leased properties with material residual values are reviewed for impairment. The components of the Company’s net investment in leases were as follows: (in thousands) June 30, 2019 Lease payment receivable $ 259,103 Unguaranteed residual assets 28,903 Total net investment in leases $ 288,006 For the three and six months ended June 30, 2019 , interest income for direct financing or sales-type leases totaled $2.3 million and $4.3 million . During the three and six months ended June 30, 2019 , there was no profit or loss recognized at the commencement date for direct financing or sales-type leases. Maturities of the Company's lease receivables as of June 30, 2019 were as follows: (in thousands) 2019 $ 21,556 2020 42,696 2021 42,619 2022 37,866 2023 30,344 2024 and thereafter 93,482 Total future minimum lease payments $ 268,563 Less: Imputed interest 9,460 Lease receivables $ 259,103 |
Leases | LEASES IBERIABANK as Lessee The Company leases certain branch and corporate offices, land and ATM facilities through operating leases with terms ranging from less than one year to 45 years . The Company has no financing leases (formerly capital leases). As discussed in Note 2, Recent Accounting Pronouncements, the Company adopted new guidance for leases on January 1, 2019 which requires that leases, whether classified as operating leases or financing leases, to be accounted for as the acquisition of a right-of-use asset (ROU asset) and a related lease liability recorded at the present value of the lease payments less any lease incentives. The ROU asset represents the Company’s right to use an underlying asset for the lease term and is included in other assets on the Company’s consolidated balance sheets. The lease liability represents the Company’s obligation to make lease payments and is included in other liabilities in the Company’s consolidated balance sheets. The cost of the lease is recognized on a straight-line basis over the lease term as lease expense. Prior to January 1, 2019, operating leases were not recorded on the balance sheet. See Note 2, Recent Accounting Pronouncements, for further discussion of the adoption of this new guidance. Subsequent to the adoption of ASC 842 on January 1, 2019, the Company reviews new lease and service contracts to determine if the contracts contain an embedded lease. For leases that do not provide an implicit rate, the Company uses the corresponding FHLB Advance rate based on the lease term at commencement in determining the present value of lease payments. For leases with variable lease payments, the present value will be determined using the index at the lease commencement date. Changes in variable rent payments due to subsequent changes in the index or rate do not result in a re-measurement of the ROU asset or lease liability, but are recognized as expense in the period in which they occur. Certain of the Company’s leases contain options to either renew, extend or terminate the lease. As of June 30, 2019, no material extensions or terminations were considered reasonably certain, and as such, were not included in the measurement of the lease liability and ROU asset. The Company also has lease agreements with lease and non-lease components, which are generally accounted for separately. Non-lease components, which primarily consist of common area maintenance, utilities, and janitorial services, are based on the stand-alone price of the services and expensed as incurred. Operating lease expense for the three and six months ended June 30, 2019 totaled $6.9 million and $13.6 million , respectively. During the three and six months ended June 30, 2019 , the Company paid $7.7 million and $14.4 million , respectively, for amounts included in the measurement of lease liabilities and $8.0 million and $13.2 million , respectively, to obtain ROU assets. The following summarizes the ROU asset and lease liabilities as of June 30, 2019 : (in thousands) June 30, 2019 Right-of-use assets $ 98,723 Lease liabilities 119,463 Weighted average remaining lease term 7.9 years Weighted average discount rate 3.3 % Maturities of operating lease liabilities as of June 30, 2019 were as follows: (in thousands) 2019 $ 13,345 2020 25,055 2021 21,221 2022 18,154 2023 13,522 2024 and thereafter 45,371 Total operating lease payments $ 136,668 Less: Imputed interest 17,205 Total lease liabilities $ 119,463 As of June 30, 2019 , the Company had not entered into any material leases that had not yet commenced. IBERIABANK as Lessor As a lessor, the Company engages in the leasing of equipment to commercial customers primarily through direct financing and sales-type leases. Direct financing and sales-type leases are similar to other forms of installment lending in that lessors generally do not retain benefits and risks incidental to ownership of the property subject to leases. Such arrangements are essentially financing transactions that permit lessees to acquire and use property. The new guidance on leases discussed above did not have a significant impact on the lessor model of accounting. As lessor, the sum of all minimum lease payments over the lease term and the estimated residual value, less unearned interest income, is recorded as the net investment in the lease on the commencement date and is included in loans and leases, net of unearned income in the consolidated balance sheet. Interest income is accrued as earned over the term of the lease based on the net investment in leases. Fees incurred to originate the lease are deferred on the commencement date and recognized as an adjustment of the yield on the lease. The Company’s portfolio of direct financing and sales-type leases contains terms of 4 to 20 years . Some of these leases contain options to extend the leases for up to 12 months and/or to terminate the lease within one year . These direct financing and sales-type leases typically include a payment structure set at lease inception and do not provide any additional services. Expenses associated with the leased equipment, such as maintenance and insurance, are paid by the lessee directly to third parties. The lease agreement typically contains an option for the purchase of the leased property by the lessee at the end of the lease term at either the property’s residual value or a specified price. In all cases, the Company expects to sell or re-lease the equipment at the end of the lease term. Due to the nature and structure of the Company’s direct financing and sales-type leases, there is no selling profit or loss on these transactions. At a lease’s inception, the Company determines the expected residual value of the leased property at the end of the lease term based on the type of equipment leased, location and usage, as well as the contractual return provisions in the lease agreement. Additionally, the Company utilizes multiple market sources of data to establish equipment values and in many cases engages certified appraisers to provide valuation analyses. In order to manage the risk associated with the residual value of its leased assets, lease agreements typically include various provisions designed to protect the value of the leased property, such as contractual equipment maintenance, use and return provisions; remarketing agreements; and lessee guarantees. In a few cases, the Company also obtains third-party guarantees to further manage residual risk in the portfolio. On an annual basis, leased properties with material residual values are reviewed for impairment. The components of the Company’s net investment in leases were as follows: (in thousands) June 30, 2019 Lease payment receivable $ 259,103 Unguaranteed residual assets 28,903 Total net investment in leases $ 288,006 For the three and six months ended June 30, 2019 , interest income for direct financing or sales-type leases totaled $2.3 million and $4.3 million . During the three and six months ended June 30, 2019 , there was no profit or loss recognized at the commencement date for direct financing or sales-type leases. Maturities of the Company's lease receivables as of June 30, 2019 were as follows: (in thousands) 2019 $ 21,556 2020 42,696 2021 42,619 2022 37,866 2023 30,344 2024 and thereafter 93,482 Total future minimum lease payments $ 268,563 Less: Imputed interest 9,460 Lease receivables $ 259,103 |
Shareholders' Equity, Capital R
Shareholders' Equity, Capital Ratios and Other Regulatory Matters | 6 Months Ended |
Jun. 30, 2019 | |
Banking and Thrift [Abstract] | |
Shareholders' Equity, Capital Ratios and Other Regulatory Matters | SHAREHOLDERS' EQUITY, CAPITAL RATIOS AND OTHER REGULATORY MATTERS Preferred Stock On April 4, 2019, the Company issued and sold an aggregate of 4,000,000 depositary shares (the “Series D Depositary Shares”), each representing a 1/400th ownership interest in a share of the Company’s 6.100% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series D, par value $1.00 per share, (“Series D Preferred Stock”), with a liquidation preference of $10,000 per share of Series D Preferred Stock (equivalent to $25 per depositary share), which represents $100 million in aggregate liquidation preference. Dividends will accrue and be payable on the Series D Preferred Stock, if declared by the Company's Board of Directors, and will be paid semi-annually on May 1 and November 1, in arrears, at an annual rate equal to (i) 6.100% for each period from the issuance date to May 1, 2024 and (ii) three-month LIBOR plus 3.859% for each period on or after August 1, 2024. The Company may redeem the Series D Preferred Stock at its option, subject to regulatory approval, as described in the Company’s Registration Statement on Form 8-A, filed with the Securities and Exchange Commission on April 4, 2019. The following table presents a summary of the Company's non-cumulative perpetual preferred stock: June 30, 2019 December 31, 2018 Issuance Date Earliest Redemption Date Annual Dividend Rate Liquidation Amount Carrying Amount Carrying Amount (in thousands) Series B Preferred Stock 8/5/2015 8/1/2025 6.625 % $ 80,000 $ 76,812 $ 76,812 Series C Preferred Stock 5/9/2016 5/1/2026 6.600 % 57,500 55,285 55,285 Series D Preferred Stock 4/4/2019 5/1/2024 6.100 % 100,000 96,388 — $ 237,500 $ 228,485 $ 132,097 Common Stock In 2018, the Company's Board of Directors authorized the repurchase of up to 2,765,000 shares of IBERIABANK Corporation's outstanding common stock. During the second quarter of 2019, the Company repurchased 1,759,849 common shares for approximately $134.8 million at a weighted average cost of $76.59 per share. For the six months ended June 30, 2019 , the Company repurchased 2,147,770 common shares for approximately $164.7 million at a weighted average cost of $76.70 per share. During the six months ended June 30 2018 , the Company repurchased 400,000 common shares for approximately $30.7 million at a weighted average cost of $76.67 per share. At June 30, 2019 , the remaining common shares that could be repurchased under the plan approved by the Board in 2018 was 117,230 shares. Subsequent to quarter-end, the Company repurchased the remaining shares available and announced in July 2019 a new Board-approved share repurchase program for up to 1,600,000 shares, or approximately 3% of total common shares outstanding at June 30, 2019. Stock repurchases under this program will be made from time to time, on the open market or in privately negotiated transactions. The timing of these repurchases will depend on market conditions and other requirements. The share repurchase program does not obligate the Company to repurchase any dollar amount or number of shares, and expires during the third quarter of 2021. The program may be extended, modified, suspended, or discontinued at any time. Subsequent to quarter-end and through August 6, 2019, the Company repurchased 307,230 common shares for approximately $23.0 million . Regulatory Capital The Company and IBERIABANK are subject to various regulatory capital requirements administered by the federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy regulations and the regulatory framework for prompt corrective action, the Company and IBERIABANK, as applicable, must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. As of June 30, 2019 , the Company and IBERIABANK met all capital adequacy requirements to which they are subject. As of June 30, 2019 , the most recent notification from the FRB categorized IBERIABANK as well-capitalized under the regulatory framework for prompt corrective action (the prompt corrective action requirements are not applicable to the Company). To be categorized as well-capitalized, an institution must maintain minimum total risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth in the following table. There are no conditions or events since the notification that management believes have changed that categorization. The Company’s and IBERIABANK’s actual capital amounts and ratios as of June 30, 2019 and December 31, 2018 are presented in the following tables: (in thousands) June 30, 2019 Minimum Well-Capitalized Actual Amount Ratio Amount Ratio Amount Ratio Tier 1 Leverage Consolidated $ 1,199,612 4.00 % N/A N/A $ 2,913,362 9.71 % IBERIABANK 1,196,979 4.00 1,496,224 5.00 2,857,238 9.55 Common Equity Tier 1 (CET1) Consolidated $ 1,164,678 4.50 % N/A N/A $ 2,684,877 10.38 % IBERIABANK 1,161,409 4.50 1,677,591 6.50 2,857,238 11.07 Tier 1 Risk-Based Capital Consolidated $ 1,552,904 6.00 % N/A N/A $ 2,913,362 11.26 % IBERIABANK 1,548,546 6.00 2,064,728 8.00 2,857,238 11.07 Total Risk-Based Capital Consolidated $ 2,070,539 8.00 % N/A N/A $ 3,191,529 12.33 % IBERIABANK 2,064,728 8.00 2,580,910 10.00 3,018,905 11.70 December 31, 2018 Minimum Well-Capitalized Actual Amount Ratio Amount Ratio Amount Ratio Tier 1 Leverage Consolidated $ 1,168,343 4.00 % N/A N/A $ 2,812,863 9.63 % IBERIABANK 1,165,537 4.00 1,456,921 5.00 2,733,099 9.38 Common Equity Tier 1 (CET1) Consolidated $ 1,125,405 4.50 % N/A N/A $ 2,680,766 10.72 % IBERIABANK 1,122,712 4.50 1,621,695 6.50 2,733,099 10.95 Tier 1 Risk-Based Capital Consolidated $ 1,500,540 6.00 % N/A N/A $ 2,812,863 11.25 % IBERIABANK 1,496,949 6.00 1,995,932 8.00 2,733,099 10.95 Total Risk-Based Capital Consolidated $ 2,000,720 8.00 % N/A N/A $ 3,084,764 12.33 % IBERIABANK 1,995,932 8.00 2,494,915 10.00 2,888,500 11.58 Minimum capital ratios are subject to a capital conservation buffer. In order to avoid limitations on distributions, including dividend payments, and certain discretionary bonus payments to executive officers, an institution must hold a capital conservation buffer above its minimum risk-based capital requirements. This capital conservation buffer is calculated as the lowest of the differences between the actual CET1 ratio, Tier 1 Risk-Based Capital Ratio, and Total Risk-Based Capital ratio and the corresponding minimum ratios. At June 30, 2019 , the required minimum capital conservation buffer was 2.50% . At June 30, 2019 , the capital conservation buffers of the Company and IBERIABANK were 4.33% and 3.70% , respectively. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The computations of basic and diluted earnings per share were as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share data) 2019 2018 2019 2018 Earnings Per Common Share - Basic: Net income $ 101,598 $ 75,124 $ 201,729 $ 138,745 Less: Preferred stock dividends 949 949 4,547 4,547 Less: Dividends and undistributed earnings allocated to unvested restricted shares 999 767 1,931 1,409 Earnings allocated to common shareholders - basic $ 99,650 $ 73,408 $ 195,251 $ 132,789 Weighted average common shares outstanding 53,345 55,931 53,758 54,780 Earnings per common share - basic $ 1.87 $ 1.31 $ 3.63 $ 2.42 Earnings Per Common Share - Diluted: Earnings allocated to common shareholders - basic $ 99,650 $ 73,408 $ 195,251 $ 132,789 Adjustment for undistributed earnings allocated to unvested restricted shares 24 (7 ) (21 ) (26 ) Earnings allocated to common shareholders - diluted $ 99,674 $ 73,401 $ 195,230 $ 132,763 Weighted average common shares outstanding 53,345 55,931 53,758 54,780 Dilutive potential common shares 328 356 346 353 Weighted average common shares outstanding - diluted 53,674 56,287 54,104 55,133 Earnings per common share - diluted $ 1.86 $ 1.30 $ 3.61 $ 2.41 For the three months ended June 30, 2019 and 2018 , the calculations for basic shares outstanding excluded weighted average shares owned by the RRP of 521,591 and 595,856 , respectively. For the six months ended June 30 2019 and 2018 , the calculations for basic shares outstanding excluded weighted average shares owned by the RRP of 542,769 and 601,018 , respectively. The effects from the assumed exercises of 154,780 and 156,988 stock options were not included in the computation of diluted earnings per share for the three months ended June 30, 2019 and 2018 , respectively, because they were antidilutive. For the six months ended June 30, 2019 and 2018 , the effects from the assumed exercises of 154,780 and 156,988 |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | SHARE-BASED COMPENSATION The Company has various types of share-based compensation plans that permit the granting of awards in the form of stock options, restricted stock, restricted share units and phantom stock. These plans are administered by the Compensation Committee of the Board of Directors, which selects persons eligible to receive awards and determines the terms, conditions and other provisions of the awards. At June 30, 2019, awards of 3,448,650 shares could be made under approved incentive compensation plans. The Company issues shares to fulfill stock option exercises and restricted share units and restricted stock awards vesting from available authorized common shares. At June 30, 2019, the Company believes there are adequate authorized shares to satisfy anticipated stock option exercises and restricted share unit and restricted stock award vesting. Stock option awards The Company issues stock options under various plans to directors, officers and other key employees. The option exercise price cannot be less than the fair value of the underlying common stock as of the date of the option grant and the maximum option term cannot exceed ten years . The following table represents the activity related to stock options during the periods indicated: Number of Shares Weighted Average Exercise Price Outstanding options, December 31, 2017 686,366 $ 58.24 Granted 96,507 81.99 Exercised (34,745 ) 53.48 Forfeited or expired (22,524 ) 66.80 Outstanding options, June 30, 2018 725,604 $ 61.36 Exercisable options, June 30, 2018 505,477 $ 56.55 Outstanding options, December 31, 2018 714,420 $ 61.41 Granted 127,090 70.34 Exercised (21,575 ) 53.98 Forfeited or expired (8,787 ) 70.80 Outstanding options, June 30, 2019 811,148 $ 62.90 Exercisable options, June 30, 2019 561,789 $ 58.26 The Company uses the Black-Scholes option pricing model to estimate the fair value of stock option awards. The following weighted-average assumptions were used for option awards issued during the following periods: For the Six Months Ended June 30, 2019 2018 Expected dividends 2.3 % 1.8 % Expected volatility 24.5 % 24.3 % Risk-free interest rate 2.5 % 2.7 % Expected term (in years) 5.7 5.8 Weighted-average grant-date fair value $ 14.44 $ 18.44 The assumptions above are based on multiple factors, including historical stock option exercise patterns and post-vesting employment termination behaviors, expected future exercise patterns and the expected volatility of the Company’s stock price. The following table represents the compensation expense that is included in non-interest expense and related income tax benefits in the accompanying consolidated statements of comprehensive income related to stock options for the following periods: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2019 2018 2019 2018 Compensation expense related to stock options $ 336 $ 319 $ 685 $ 631 Income tax benefit related to stock options 24 23 50 46 At June 30, 2019 , there was $2.7 million of unrecognized compensation expense related to stock options that is expected to be recognized over a weighted-average period of 2.9 years . Restricted stock awards The Company issues restricted stock under various plans for certain officers and directors. The restricted stock awards may not be sold or otherwise transferred until certain restrictions have lapsed. The holders of the restricted stock receive dividends and have the right to vote the shares. The compensation expense for these awards is determined based on the market price of the Company's common stock at the date of grant applied to the total number of shares granted and is recognized over the vesting period (generally three to five years). As of June 30, 2019 and 2018, unrecognized share-based compensation expense associated with these awards totaled $28.1 million and $35.5 million , respectively. The unrecognized compensation expense related to restricted stock awards at June 30, 2019 is expected to be recognized over a weighted-average period of 1.4 years . Restricted share units The Company issues restricted share units to certain of its executive officers. Restricted share units vest after the end of a three year performance period, based on satisfaction of the market and performance conditions set forth in the restricted share unit agreements. Recipients do not possess voting or investment power over the common stock underlying such units until vesting. The grant date fair value of these restricted share units is the same as the value of the corresponding number of shares of common stock, adjusted for assumptions surrounding the market-based conditions contained in the respective agreements. See Note 1, Summary of Significant Accounting Policies, in the 2018 Annual Report on Form 10-K for the year ended December 31, 2018, for further discussion of restricted share units with market or performance conditions. The following table represents the compensation expense that was included in non-interest expense and related income tax benefits in the accompanying consolidated statements of comprehensive income related to restricted stock awards and restricted share units for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2019 2018 2019 2018 Compensation expense related to restricted stock awards and restricted share units $ 5,931 $ 4,927 $ 11,154 $ 9,349 Income tax benefit related to restricted stock awards and restricted share units 1,245 1,035 2,342 1,963 The following table represents unvested restricted stock award and restricted share unit activity for the following periods: For the Six Months Ended June 30, 2019 2018 Number of shares at beginning of period 700,628 738,187 Granted 212,038 224,170 Forfeited (15,199 ) (56,653 ) Vested (199,156 ) (138,952 ) Number of shares at end of period 698,311 766,752 Phantom stock awards The Company issues phantom stock awards to certain key officers and employees. The awards are subject to a vesting period of five years and are paid out in cash upon vesting. The amount paid per vesting period is calculated as the number of vested “share equivalents” multiplied by the closing market price of a share of the Company’s common stock on the vesting date. Share equivalents are calculated on the date of grant as the total award’s dollar value divided by the closing market price of a share of the Company’s common stock on the grant date. The following table represents compensation expense recorded for phantom stock based on the number of share equivalents vested at June 30 of the periods indicated and the current market price of the Company’s stock at that time: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2019 2018 2019 2018 Compensation expense related to phantom stock $ 2,451 $ 2,017 $ 5,645 $ 5,013 The following table represents phantom stock award activity during the periods indicated: (in thousands) Number of share equivalents (1) Value of share equivalents (2) Balance, December 31, 2017 393,844 $ 30,523 Granted 140,804 10,673 Forfeited share equivalents (45,821 ) 3,473 Vested share equivalents (126,019 ) 10,519 Balance, June 30, 2018 362,808 $ 27,501 Balance, December 31, 2018 353,407 $ 22,717 Granted 174,991 13,273 Forfeited share equivalents (20,407 ) 1,548 Vested share equivalents (101,318 ) 7,647 Balance, June 30, 2019 406,673 $ 30,846 (1) Number of share equivalents includes all reinvested dividend equivalents for the periods indicated. (2) Except for share equivalents at the beginning of each period, which are based on the value at that time, and vested share payments, which are based on the cash paid at the time of vesting, the value of share equivalents is calculated based on the market price of the Company’s stock at the end of the respective periods. The market price of the Company’s stock was $75.85 and $75.80 on June 30, 2019 , and 2018, respectively. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Recurring fair value measurements The following table presents information about the Company's assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2019 and December 31, 2018 and their classification within the fair value hierarchy. See Note 1, Summary of Significant Accounting Policies, in the Annual Report on Form 10-K for the year ended December 31, 2018 , for a description of how fair value measurements are determined. June 30, 2019 (in thousands) Level 1 Level 2 Level 3 Total Assets Securities available for sale $ — $ 4,455,308 $ — $ 4,455,308 Mortgage loans held for sale — 187,987 — 187,987 Mortgage loans held for investment, at fair value option — — 1,945 1,945 Derivative instruments — 107,747 — 107,747 Total $ — $ 4,751,042 $ 1,945 $ 4,752,987 Liabilities Derivative instruments $ — $ 12,599 $ — $ 12,599 Total $ — $ 12,599 $ — $ 12,599 December 31, 2018 Level 1 Level 2 Level 3 Total Assets Securities available for sale $ — $ 4,783,579 $ — $ 4,783,579 Mortgage loans held for sale — 107,734 — 107,734 Mortgage loans held for investment, at fair value option — — 3,143 3,143 Derivative instruments — 27,048 — 27,048 Total $ — $ 4,918,361 $ 3,143 $ 4,921,504 Liabilities Derivative instruments $ — $ 22,124 $ — $ 22,124 Total $ — $ 22,124 $ — $ 22,124 During the six months ended June 30, 2019 , there were no transfers between the Level 1 and Level 2 fair value categories. Non-recurring fair value measurements The Company holds certain assets that are measured at fair value, but only in certain circumstances, such as impairment. The following table presents information about the Company's assets that are measured at fair value and still held as of June 30, 2019 and December 31, 2018 for which a non-recurring fair value adjustment was recorded during the periods then ended. See Note 1, Summary of Significant Accounting Policies, in the Annual Report on Form 10-K for the year ended December 31, 2018 , for a description of how fair value measurements are determined. June 30, 2019 (in thousands) Level 1 Level 2 Level 3 Total Assets Impaired loans $ — $ — $ 73,003 $ 73,003 OREO, net — — 5,076 5,076 Total $ — $ — $ 78,079 $ 78,079 December 31, 2018 (in thousands) Level 1 Level 2 Level 3 Total Assets Impaired loans $ — $ — $ 65,914 $ 65,914 OREO, net — — 6,433 6,433 Total $ — $ — $ 72,347 $ 72,347 The tables above exclude the initial measurement of assets and liabilities that were acquired as part of business combinations. These assets and liabilities were recorded at their fair value upon acquisition in accordance with GAAP and were not re-measured during the periods presented unless specifically required by GAAP. Acquisition date fair values represent either Level 2 fair value measurements (investment securities, deposits, and premises and equipment) or Level 3 fair value measurements (loans, core deposit intangible assets, and debt). Refer to Note 3, Acquisition Activity, in the Annual Report on Form 10-K for the year ended December 31, 2018 , for further detail. The Company did not record any liabilities at fair value for which measurement of the fair value was made on a non-recurring basis as of June 30, 2019 and December 31, 2018 . Fair value option The Company has elected the fair value option for originated residential mortgage loans held for sale, which allows for a more effective offset of the changes in fair values of the loans and the derivative instruments used to hedge them without the burden of complying with the requirements for hedge accounting. The Company also has a portion of mortgage loans held for investment for which the fair value option was elected upon origination and which continue to be accounted for at fair value at June 30, 2019 and December 31, 2018 , respectively. The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for mortgage loans held for sale and mortgage loans held for investment measured at fair value: June 30, 2019 December 31, 2018 (in thousands) Aggregate Fair Value Aggregate Unpaid Principal Aggregate Fair Value Less Unpaid Principal Aggregate Fair Value Aggregate Unpaid Principal Aggregate Fair Value Less Unpaid Principal Mortgage loans held for sale, at fair value $ 187,987 $ 181,067 $ 6,920 $ 107,734 $ 104,345 $ 3,389 Mortgage loans held for investment, at fair value 1,945 2,099 (154 ) 3,143 3,595 (452 ) Interest income on mortgage loans held for sale and mortgage loans held for investment at fair value option is recognized based on contractual rates and is reflected in interest income on loans held for sale in the consolidated statements of comprehensive income. The following table details net gains (losses) resulting from the change in fair value of loans that were recorded in mortgage income in the consolidated statements of comprehensive income for the three and six months ended June 30, 2019 and 2018. The changes in fair value are mostly offset by economic hedging activities, with an insignificant portion of these changes attributable to changes in instrument-specific credit risk. Net Gains (Losses) Resulting From Changes in Fair Value For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2019 2018 2019 2018 Fair value option Mortgage loans held for sale, at fair value $ 2,879 $ (331 ) $ 3,531 $ (1,472 ) Mortgage loans held for investment, at fair value (104 ) (172 ) 87 (921 ) |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS The estimated fair value of a financial instrument is the current amount that would be exchanged between willing parties, other than in a forced liquidation. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. ASC Topic 825, Financial Instruments , excludes certain financial instruments and all non-financial instruments from its disclosure requirements. Consequently, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. The carrying amount and estimated fair values of the Company’s financial instruments, as well as the level within the fair value hierarchy, are included in the tables below. See Note 1, Summary of Significant Accounting Policies, and Note 2, Recent Accounting Pronouncements, in the Annual Report on Form 10-K for the year ended December 31, 2018 , for a description of how fair value measurements are determined. June 30, 2019 (in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Measurement Category Fair Value Financial Assets Securities available for sale $ 4,455,308 $ 4,455,308 $ — $ 4,455,308 $ — Mortgage loans held for sale 187,987 187,987 — 187,987 — Mortgage loans held for investment, at fair value option 1,945 1,945 — — 1,945 Derivative instruments 107,747 107,747 — 107,747 — Financial Liabilities Derivative instruments 12,599 12,599 — 12,599 — Amortized Cost Financial Assets Cash and cash equivalents $ 789,315 $ 789,315 $ 789,315 $ — $ — Securities held to maturity 192,917 198,012 — 198,012 — Loans and leases, carried at amortized cost, net of unearned income and allowance for loan and lease losses 23,206,980 22,939,128 — — 22,939,128 Financial Liabilities Deposits 24,295,331 24,295,695 — 24,295,695 — Short-term borrowings 997,507 997,507 184,507 813,000 — Long-term debt 1,374,759 1,381,572 — — 1,381,572 December 31, 2018 (in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Measurement Category Fair Value Financial Assets Securities available for sale $ 4,783,579 $ 4,783,579 $ — $ 4,783,579 $ — Mortgage loans held for sale 107,734 107,734 — 107,734 — Mortgage loans held for investment, at fair value option 3,143 3,143 — — 3,143 Derivative instruments 27,048 27,048 — 27,048 — Financial Liabilities Derivative instruments 22,124 22,124 — 22,124 — Amortized Cost Financial Assets Cash and cash equivalents $ 690,453 $ 690,453 $ 690,453 $ — $ — Securities held to maturity 207,446 204,277 — 204,277 — Loans and leases, carried at amortized cost, net of unearned income and allowance for loan and lease losses 22,376,101 22,088,236 — — 22,088,236 Financial Liabilities Deposits 23,763,431 23,752,139 — 23,752,139 — Short-term borrowings 1,482,882 1,482,882 315,882 1,167,000 — Long-term debt 1,166,151 1,154,062 — — 1,154,062 The fair value estimates presented herein are based upon pertinent information available to management as of June 30, 2019 and December 31, 2018 . Although management is not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since these dates and, therefore, current estimates of fair value may differ significantly from the amounts presented herein. |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Business Segments | BUSINESS SEGMENTS Each of the Company’s reportable operating segments serves the specific needs of the Company’s customers based on the products and services it offers. The reportable segments are based upon those revenue-producing components for which separate financial information is produced internally and primarily reflect the manner in which resources are allocated and performance is assessed. Further, the reportable operating segments are also determined based on the quantitative thresholds prescribed within ASC Topic 280, Segment Reporting , and consideration of the usefulness of the information to the users of the consolidated financial statements. The Company reports the results of its operations through three reportable segments: IBERIABANK, Mortgage, and LTC. The IBERIABANK segment represents the Company’s commercial and retail banking functions, including its lending, investment, and deposit activities. IBERIABANK also includes the Company’s wealth management, capital markets, and other corporate functions. The Mortgage segment represents the Company’s origination, funding, and subsequent sale of one-to-four family residential mortgage loans. The LTC segment represents the Company’s title insurance and loan closing services. Certain expenses not directly attributable to a specific reportable segment are allocated to segments based on pre-determined methods that reflect utilization. Also within IBERIABANK are certain reconciling items that translate reportable segment results into consolidated results. The following tables present certain information regarding operations by reportable segment, including a reconciliation of segment results to reported consolidated results for the periods presented. Reconciling items between segment results and reported results include: • Elimination of interest income and interest expense representing interest earned by IBERIABANK on interest-bearing checking accounts held by related companies, as well as the elimination of the related deposit balances at the IBERIABANK segment; • Elimination of investment in subsidiary balances on certain operating segments included in total and average segment assets; and • Elimination of intercompany due to and due from balances on certain operating segments that are included in total and average segment assets. Three Months Ended June 30, 2019 (in thousands) IBERIABANK Mortgage LTC Consolidated Interest and dividend income $ 334,055 $ 1,912 $ — $ 335,967 Interest expense 80,628 — — 80,628 Net interest income 253,427 1,912 — 255,339 Provision for (reversal of) credit losses 10,742 13 — 10,755 Mortgage income — 18,444 — 18,444 Title revenue — — 6,895 6,895 Other non-interest income (expense) 33,496 (10 ) — 33,486 Allocated expenses (income) (4,414 ) 3,250 1,164 — Non-interest expense 151,139 13,590 4,889 169,618 Income before income tax expense 129,456 3,493 842 133,791 Income tax expense 31,134 836 223 32,193 Net income $ 98,322 $ 2,657 $ 619 $ 101,598 Total loans, leases, and loans held for sale, net of unearned income $ 23,330,738 $ 212,560 $ — $ 23,543,298 Total assets 31,165,205 255,106 26,221 31,446,532 Total deposits 24,279,416 15,915 — 24,295,331 Average assets 31,024,832 221,891 25,099 31,271,822 Three Months Ended June 30, 2018 (in thousands) IBERIABANK Mortgage LTC Consolidated Interest and dividend income $ 302,387 $ 1,436 $ — $ 303,823 Interest expense 47,710 — — 47,710 Net interest income 254,677 1,436 — 256,113 Provision for (reversal of) credit losses 7,715 (19 ) — 7,696 Mortgage income — 13,721 — 13,721 Title revenue — — 6,846 6,846 Other non-interest income (expense) 33,481 (105 ) (3 ) 33,373 Allocated expenses (income) (3,873 ) 2,868 1,005 — Non-interest expense 179,831 11,966 4,979 196,776 Income before income tax expense 104,485 237 859 105,581 Income tax expense 30,211 17 229 30,457 Net income $ 74,274 $ 220 $ 630 $ 75,124 Total loans, leases, and loans held for sale, net of unearned income $ 22,026,914 $ 127,712 $ — $ 22,154,626 Total assets 29,928,360 173,415 24,387 30,126,162 Total deposits 23,419,382 11,076 — 23,430,458 Average assets 29,599,468 148,210 23,174 29,770,852 Six Months Ended June 30, 2019 (in thousands) IBERIABANK Mortgage LTC Consolidated Interest and dividend income $ 658,699 $ 3,351 $ 1 $ 662,051 Interest expense 156,228 — — 156,228 Net interest income 502,471 3,351 1 505,823 Provision for (reversal of) credit losses 24,565 (47 ) — 24,518 Mortgage income — 30,293 — 30,293 Title revenue — — 12,120 12,120 Other non-interest income (expense) 68,959 (22 ) (16 ) 68,921 Allocated expenses (income) (6,447 ) 4,750 1,697 — Non-interest expense 294,894 24,131 9,346 328,371 Income before income tax expense 258,418 4,788 1,062 264,268 Income tax expense 61,109 1,143 287 62,539 Net income $ 197,309 $ 3,645 $ 775 $ 201,729 Total loans, leases, and loans held for sale, net of unearned income $ 23,330,738 $ 212,560 $ — $ 23,543,298 Total assets 31,165,205 255,106 26,221 31,446,532 Total deposits 24,279,416 15,915 — 24,295,331 Average assets 30,838,856 190,205 24,811 31,053,872 Six Months Ended June 30, 2018 (in thousands) IBERIABANK Mortgage LTC Consolidated Interest and dividend income $ 571,162 $ 3,203 $ 1 $ 574,366 Interest expense 85,364 — — 85,364 Net interest income 485,798 3,203 1 489,002 Provision for (reversal of) credit losses 15,931 (24 ) — 15,907 Mortgage income — 23,316 — 23,316 Title revenue — — 11,873 11,873 Other non-interest income (expense) 63,387 (67 ) (3 ) 63,317 Allocated expenses (income) (5,352 ) 4,034 1,318 — Non-interest expense 351,422 23,882 9,543 384,847 Income (loss) before income tax expense 187,184 (1,440 ) 1,010 186,754 Income tax expense (benefit) 48,751 (393 ) (349 ) 48,009 Net income (loss) $ 138,433 $ (1,047 ) $ 1,359 $ 138,745 Total loans, leases, and loans held for sale, net of unearned income $ 22,026,914 $ 127,712 $ — $ 22,154,626 Total assets 29,928,360 173,415 24,387 30,126,162 Total deposits 23,419,382 11,076 — 23,430,458 Average assets 28,766,655 166,872 22,535 28,956,062 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Off-balance sheet commitments In the normal course of business, to meet the financing needs of its customers, the Company is a party to credit-related financial instruments, with risk not reflected in the consolidated financial statements. These financial instruments include commitments to extend credit, standby letters of credit, and commercial letters of credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. The credit policies used for these commitments are consistent with those used for on-balance sheet instruments. The Company’s exposure to credit loss in the event of non-performance by its customers under such commitments or letters of credit represents the contractual amount of the financial instruments as indicated in the table below. At June 30, 2019 and December 31, 2018 , the fair value of guarantees under commercial and standby letters of credit was $2.4 million . This fair value will decrease as the existing commercial and standby letters of credit approach their expiration dates. At June 30, 2019 and December 31, 2018 , respectively, the Company had the following financial instruments outstanding and related reserves, whose contract amounts represent credit risk: (in thousands) June 30, 2019 December 31, 2018 Commitments to extend credit $ 690,267 $ 642,162 Unfunded commitments under lines of credit 7,149,479 6,883,963 Commercial and standby letters of credit 246,622 240,436 Reserve for unfunded lending commitments 15,281 14,830 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee by the borrower. Since many of the commitments are expected to be drawn upon, the total commitment amounts generally represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral, if any, is based on management’s credit evaluation of the customer. Unfunded commitments under commercial lines of credit, revolving credit lines, and overdraft protection agreements are commitments for possible future extensions of credit to existing customers. Many of these types of commitments do not contain a specified maturity date and may not be drawn upon to the total extent to which the Company is committed. See Note 5, Allowance for Credit Losses and Credit Quality, for additional information related to the Company’s reserve for unfunded lending commitments. Commercial and standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. These guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper issuance, bond financing, and similar transactions. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. When necessary they are collateralized, generally in the form of marketable securities and cash equivalents. Legal proceedings The nature of the business of the Company’s banking and other subsidiaries ordinarily results in a certain amount of claims, litigation, investigations, and legal and administrative cases and proceedings, which are considered incidental to the normal conduct of business. Some of these claims are against entities or assets of which the Company is a successor or acquired in business acquisitions. The Company has asserted defenses to these claims and, with respect to such legal proceedings, intends to continue to defend itself vigorously, litigating or settling cases according to management’s judgment as to what is in the best interest of the Company and its shareholders. In July of 2016, the Company received a subpoena from the Office of Inspector General of the U.S. Department of Housing and Urban Development (“HUD”) requesting information on certain previously originated loans insured by the Federal Housing Administration ("FHA") as well as other documents regarding the Company's FHA-related policies and practices. After the Company complied with the subpoena, attorneys from the Department of Justice (“DOJ”) informed the Company in late March of 2017 that a civil qui tam suit had been filed against the Company in federal court involving the subject matter of the HUD subpoena. The HUD lawsuit was settled on December 11, 2017 in the amount of $11.7 million . On February 2, 2018, IBERIABANK filed a lawsuit in the United States District Court for the Eastern District of Louisiana (New Orleans) against Illinois Union Insurance Company and Travelers Casualty and Surety Company of America in an effort to recover the $11.7 million it paid to settle the HUD matter. IBERIABANK filed that lawsuit to recover the insurance proceeds to which it claims to be entitled under certain Bankers’ Professional Liability insurance policies issued by defendants Illinois Union and Travelers. More specifically, IBERIABANK alleges that the insurers have failed to honor their obligations under the policies to pay IBERIABANK’s losses in connection with the $11.7 million settlement of disputed allegations relating to IBERIABANK’s professional services in connection with certain mortgage loans insured by the FHA. The judge in the federal lawsuit granted motion for summary judgment thereby dismissing the case. The Company has appealed that decision to the United States Court of Appeals for the Fifth Circuit. The appeal seeks reversal of the summary judgment such that the case can be remanded to the district court in an effort to recover the $11.7 million the Company is suing to recover. The Company assesses its liabilities and contingencies in connection with outstanding legal proceedings utilizing the latest information available. Where it is probable that the Company will incur a loss and the amount of the loss can be reasonably estimated, the Company records a liability in its consolidated financial statements. These legal reserves may be increased or decreased to reflect any relevant developments on a quarterly basis. Where a loss is not probable or the amount of loss is not estimable, the Company does not accrue legal reserves. While the outcome of legal proceedings is inherently uncertain, based on information currently available and available insurance coverage, the Company’s management believes that it has established appropriate legal reserves. Any incremental liabilities arising from pending legal proceedings are not expected to have a material adverse effect on the Company’s consolidated financial position, consolidated results of operations, or consolidated cash flows. However, it is possible that the ultimate resolution of these matters, if unfavorable, may be material to the Company’s consolidated financial position, consolidated results of operations, or consolidated cash flows. As of the date of this filing, the Company believes the amount of losses associated with legal proceedings that it is reasonably possible to incur above amounts already accrued and reported as of June 30, 2019 is not material. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS In the ordinary course of business, the Company may execute transactions with various related parties. Examples of such transactions may include lending or deposit arrangements, transfers of financial assets, services for administrative support, and other miscellaneous items. The Company has granted loans to executive officers and directors and their affiliates. These loans, including the related principal additions, principal payments, and unfunded commitments are not material to the consolidated financial statements at June 30, 2019 and December 31, 2018 . There were no outstanding loans to such related parties classified as non-accrual, past due, or troubled debt restructurings at June 30, 2019 . Deposits from related parties held by the Company were not material at June 30, 2019 and December 31, 2018 . |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | All significant intercompany balances and transactions have been eliminated in consolidation. |
Reclassification | Certain amounts reported in prior periods have been reclassified to conform to the current period presentation. |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS Pronouncements adopted during the six months ended June 30, 2019: ASU No. 2016-02, ASU No. 2018-11, ASU No. 2018-20, and ASU 2019-01 In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842) which requires lessees to recognize ROU assets and lease liabilities on the balance sheet for most leases, including operating leases. The lessor accounting model was relatively unchanged by this ASU. Additional quantitative and qualitative disclosures are also required. During 2018 and early 2019, the FASB issued ASU No. 2018-11, Targeted Improvements , ASU No. 2018-20, Narrow-Scope Improvements for Lessors , and ASU No. 2019-01, Codification Improvements , which clarified certain implementation issues, provided an additional optional transition method and clarified the disclosure requirements during the period of adopting ASC 842, among others. The Company adopted ASU No. 2016-02 and the related ASUs discussed above effective January 1, 2019 using the optional transition method. The Company elected the package of practical expedients that does not require the reassessment of whether expired or existing contracts contain leases, the reassessment of the lease classification for any expired or existing leases, or the reassessment of initial direct costs for existing leases. Additionally, the Company did not elect the hindsight practical expedient. The Company conducted a review of all existing lease contracts and service contracts which might contain embedded leases. Some of the Company’s leases contain variable lease payments, the majority of which depend on an index or rate, such as the Consumer Price Index. At transition, the present value of variable payments was based on the index or rate as of January 1, 2019. To determine the present value of lease payments at transition, the Company applied a portfolio approach utilizing an FHLB Advance rate based on the weighted average remaining term of the Company’s existing leases as of January 1, 2019. As a result of adopting ASC 842, the Company established an ROU asset and a lease liability as of January 1, 2019 of $94.2 million and $118.9 million , respectively. Additionally, as part of the adoption of ASC 842, $24.7 million in pre-existing liabilities were reclassified to the ROU asset on January 1, 2019. This resulted in a gross-up of the balance sheet of $94.2 million as a result of recognizing lease liabilities and corresponding right-of-use assets for operating leases. The adoption of ASC 842 also required the recognition of previously deferred gains on sale-leaseback transactions which resulted in an insignificant increase to retained earnings on January 1, 2019. The related impact on the Company’s regulatory capital ratios was not significant. The Company does not expect material changes to the recognition of lease expense in future periods as a result of the adoption of ASC 842. See Note 8, Leases, for additional disclosures required by ASC 842. ASU No. 2018-16 In October 2018, the FASB released ASU No. 2018-16, Derivatives and Hedging (ASC 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes , which permits the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under ASC 815 in addition to the interest rates on direct Treasury obligations of the UST, the LIBOR swap rate, the OIS Rate based on the Fed Funds Effective Rate, and the SIFMA Municipal Swap Rate. The required effective date of this ASU was dependent upon when an entity adopted the provisions of ASU No. 2017-12. The Company adopted ASU No. 2018-16 effective January 1, 2019 on a prospective basis for qualifying new or redesignated hedging relations as ASU No. 2017-12 had previously been adopted on January 1, 2018. The implementation of this ASU did not have a significant impact on the Company’s consolidated financial statements. ASU No. 2017-08 In March 2017, the FASB issued ASU No. 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities, which shortens the amortization period for callable debt securities held at a premium to the earliest call date instead of the maturity date. The amendments do not require an accounting change for securities held at a discount, which will continue to be amortized to the maturity date. The Company adopted ASU No. 2017-08 effective January 1, 2019. The adoption of the ASU did not have a material impact to the Company’s consolidated financial statements. Pronouncements issued but not yet adopted: ASU No. 2016-13, ASU No. 2019-04 (portion related to ASC 326), and ASU No. 2019-05 In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (ASC 326): Measurement of Credit Losses on Financial Instruments . The guidance introduces an impairment model that is based on expected credit losses (ECL), rather than incurred losses, to estimate credit losses on certain types of financial instruments such as loans and held-to-maturity securities, including certain off-balance sheet financial instruments such as loan commitments. The measurement of ECL should consider historical information, current information, and reasonable and supportable forecasts, including estimates of prepayments, over the contractual term. Financial instruments with similar risk characteristics must be grouped together when estimating ECL. The ASU also expands credit quality disclosures. Additionally, ASU No. 2016-13 amends the current AFS security impairment model for debt securities. The new model will require an estimate of ECL when the fair value is below the amortized cost of the asset. The credit-related impairment (and subsequent recoveries) are recognized as an allowance on the balance sheet with a corresponding adjustment to the income statement. Non-credit related losses will continue to be recognized through OCI. In addition, ASU No. 2016-13 provides for a simplified accounting model for purchased financial assets with a more-than-insignificant amount of credit deterioration since their origination. The initial estimate of expected credit losses would be recognized through an ALLL with an offset (i.e., increase) to the cost basis of the related financial asset at acquisition. ASU No. 2016-13 will be effective for fiscal years beginning after December 15, 2019, including interim periods. This ASU will be applied through a modified-retrospective approach, resulting in a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. A prospective transition approach is required for debt securities for which OTTI had been recognized before the effective date. Amounts previously recognized in AOCI as of the date of adoption that relate to improvements in cash flows expected to be collected should continue to be accreted into income over the remaining life of the asset. Recoveries of amounts previously written off relating to improvements in cash flows after the date of adoption should be recorded in earnings when received. During 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Financial Instruments-Credit Losses (ASC 326), Derivatives and Hedging (ASC 815), and Financial Instruments (ASC 825), which clarified the scope of ASU No. 2016-13 and addressed various issues, including accrued interest receivable balances, recoveries, variable interest rates and prepayments, and ASU No. 2019-05, Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief , which clarified certain implementation issues. The effective date for the portion of ASU No. 2019-04 related to credit losses and ASU No. 2019-05 are the same as ASU No. 2016-13. The Company has established a cross-function implementation team and engaged third-party consultants who have jointly developed a project plan to provide implementation oversight. Implementation efforts are underway, including model development, fulfillment of additional data needs for new disclosure and reporting requirements, and drafting of accounting policies. Substantial progress has been made in model development. Model validation commenced in the second quarter of 2019. User acceptance testing and parallel runs are scheduled to begin in the third quarter of 2019. The Company expects that these ASUs will result in an increase to ACL as of January 1, 2020 given the requirement to estimate lifetime expected credit losses for the loan portfolio, although the extent of the increase to ACL is not yet known. The transition adjustment to increase ACL is expected to result in a decrease to shareholders' equity and to a lesser extent, discounts on acquired loans. While these ASUs are expected to increase ACL, they do not change the overall credit risk in the Company's loan and lease portfolios or the ultimate losses therein. The ultimate impact of the adoption of these ASUs will depend on the composition of the loan, lease and securities portfolios, finalization of credit loss models, macroeconomic conditions and forecasts at the adoption date. ASU No. 2018-13 In August 2018, the FASB released ASU No. 2018-13, Fair Value Measurement (ASC 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates, adds and modifies certain disclosure requirements for fair value measurements. The ASU will be effective for fiscal years beginning after December 15, 2019, including interim periods, with early adoption permitted. The Company is currently evaluating the impact of the ASU. While adoption of this ASU will result in changes to existing disclosures, it will not have an impact on the Company’s financial position or results of operations. ASU No. 2018-17 In October 2018, the FASB released ASU No. 2018-17, Consolidation (ASC 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities, which improves the consistency of the application of the variable interest entity (VIE) related party guidance for common control arrangements. This ASU requires reporting entities to consider indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety (as currently required in GAAP) when determining whether a decision-making fee is a variable interest. ASU No. 2018-17 will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and early adoption is permitted. The guidance will be applied retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. The Company is currently evaluating the impact of the ASU on the Company’s consolidated financial statements. ASU No. 2019-04 In April 2019, the FASB released ASU No. 2019-04, Codification Improvements to Financial Instruments-Credit Losses (ASC 326), Derivatives and Hedging (ASC 815), and Financial Instruments (ASC 825). The amendments in the ASU improve the Codification by eliminating inconsistencies and providing clarifications. The amendments related to the credit losses standard are discussed above under ASU 2016-13. With respect to hedge accounting, the ASU addresses partial-term fair value hedges, fair value hedge basis adjustments, and certain transition requirements, among other things. For recognizing and measuring financial instruments, the ASU addresses the scope of the guidance, the requirement for re-measurement under ASC 820 when using the measurement alternative, certain disclosure requirements and which equity securities have to be re-measured at historical exchange rates. Since the Company early adopted the guidance in ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities in 2018, the amended hedge accounting guidance in ASU No. 2019-04 will be effective as of the beginning of the first annual reporting period beginning after April 25, 2019 with early adoption permitted on any date after the issuance of this ASU. The Company is currently evaluating the impact of the ASU on the Company’s consolidated financial statements. |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale Securities | Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, was as follows: June 30, 2019 Less Than Twelve Months Twelve Months or More Total (in thousands) Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Securities available for sale: Mortgage-backed securities: Residential agency $ — $ — $ (6,364 ) $ 1,026,095 $ (6,364 ) $ 1,026,095 Commercial agency — — (1,107 ) 122,450 (1,107 ) 122,450 Other securities — — (92 ) 5,015 (92 ) 5,015 Total securities available for sale $ — $ — $ (7,563 ) $ 1,153,560 $ (7,563 ) $ 1,153,560 Securities held to maturity: Mortgage-backed securities: Residential agency $ — $ — $ (342 ) $ 17,039 $ (342 ) $ 17,039 Total securities held to maturity $ — $ — $ (342 ) $ 17,039 $ (342 ) $ 17,039 December 31, 2018 Less Than Twelve Months Twelve Months or More Total (in thousands) Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Securities available for sale: Obligations of state and political subdivisions $ (9 ) $ 4,112 $ (714 ) $ 30,268 $ (723 ) $ 34,380 Mortgage-backed securities: Residential agency (816 ) 197,057 (56,257 ) 2,193,862 (57,073 ) 2,390,919 Commercial agency (43 ) 18,190 (14,756 ) 483,565 (14,799 ) 501,755 Other securities (94 ) 18,025 (693 ) 32,577 (787 ) 50,602 Total securities available for sale $ (962 ) $ 237,384 $ (72,420 ) $ 2,740,272 $ (73,382 ) $ 2,977,656 Securities held to maturity: Obligations of state and political subdivisions $ (3 ) $ 2,059 $ (2,494 ) $ 151,699 $ (2,497 ) $ 153,758 Mortgage-backed securities: Residential agency — — (1,011 ) 17,478 (1,011 ) 17,478 Total securities held to maturity $ (3 ) $ 2,059 $ (3,505 ) $ 169,177 $ (3,508 ) $ 171,236 The amortized cost and fair values of investment securities, with gross unrealized gains and losses, consist of the following: June 30, 2019 (in thousands) Amortized Gross Gross Estimated Securities available for sale: U.S. Government-sponsored enterprise obligations $ 39,859 $ 341 $ — $ 40,200 Obligations of state and political subdivisions 172,160 6,698 — 178,858 Mortgage-backed securities: Residential agency 3,341,602 32,909 (6,364 ) 3,368,147 Commercial agency 742,760 17,383 (1,107 ) 759,036 Other securities 105,620 3,539 (92 ) 109,067 Total securities available for sale $ 4,402,001 $ 60,870 $ (7,563 ) $ 4,455,308 Securities held to maturity: Obligations of state and political subdivisions $ 175,281 $ 5,407 $ — $ 180,688 Mortgage-backed securities: Residential agency 17,636 30 (342 ) 17,324 Total securities held to maturity $ 192,917 $ 5,437 $ (342 ) $ 198,012 December 31, 2018 (in thousands) Amortized Gross Gross Estimated Securities available for sale: U.S. Government-sponsored enterprise obligations $ 995 $ 3 $ — $ 998 Obligations of state and political subdivisions 177,566 2,045 (723 ) 178,888 Mortgage-backed securities: Residential agency 3,837,584 8,886 (57,073 ) 3,789,397 Commercial agency 730,148 2,363 (14,799 ) 717,712 Other securities 97,020 351 (787 ) 96,584 Total securities available for sale $ 4,843,313 $ 13,648 $ (73,382 ) $ 4,783,579 Securities held to maturity: Obligations of state and political subdivisions $ 188,684 $ 309 $ (2,497 ) $ 186,496 Mortgage-backed securities: Residential agency 18,762 30 (1,011 ) 17,781 Total securities held to maturity $ 207,446 $ 339 $ (3,508 ) $ 204,277 |
Held-to-maturity Securities | The amortized cost and fair values of investment securities, with gross unrealized gains and losses, consist of the following: June 30, 2019 (in thousands) Amortized Gross Gross Estimated Securities available for sale: U.S. Government-sponsored enterprise obligations $ 39,859 $ 341 $ — $ 40,200 Obligations of state and political subdivisions 172,160 6,698 — 178,858 Mortgage-backed securities: Residential agency 3,341,602 32,909 (6,364 ) 3,368,147 Commercial agency 742,760 17,383 (1,107 ) 759,036 Other securities 105,620 3,539 (92 ) 109,067 Total securities available for sale $ 4,402,001 $ 60,870 $ (7,563 ) $ 4,455,308 Securities held to maturity: Obligations of state and political subdivisions $ 175,281 $ 5,407 $ — $ 180,688 Mortgage-backed securities: Residential agency 17,636 30 (342 ) 17,324 Total securities held to maturity $ 192,917 $ 5,437 $ (342 ) $ 198,012 December 31, 2018 (in thousands) Amortized Gross Gross Estimated Securities available for sale: U.S. Government-sponsored enterprise obligations $ 995 $ 3 $ — $ 998 Obligations of state and political subdivisions 177,566 2,045 (723 ) 178,888 Mortgage-backed securities: Residential agency 3,837,584 8,886 (57,073 ) 3,789,397 Commercial agency 730,148 2,363 (14,799 ) 717,712 Other securities 97,020 351 (787 ) 96,584 Total securities available for sale $ 4,843,313 $ 13,648 $ (73,382 ) $ 4,783,579 Securities held to maturity: Obligations of state and political subdivisions $ 188,684 $ 309 $ (2,497 ) $ 186,496 Mortgage-backed securities: Residential agency 18,762 30 (1,011 ) 17,781 Total securities held to maturity $ 207,446 $ 339 $ (3,508 ) $ 204,277 Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, was as follows: June 30, 2019 Less Than Twelve Months Twelve Months or More Total (in thousands) Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Securities available for sale: Mortgage-backed securities: Residential agency $ — $ — $ (6,364 ) $ 1,026,095 $ (6,364 ) $ 1,026,095 Commercial agency — — (1,107 ) 122,450 (1,107 ) 122,450 Other securities — — (92 ) 5,015 (92 ) 5,015 Total securities available for sale $ — $ — $ (7,563 ) $ 1,153,560 $ (7,563 ) $ 1,153,560 Securities held to maturity: Mortgage-backed securities: Residential agency $ — $ — $ (342 ) $ 17,039 $ (342 ) $ 17,039 Total securities held to maturity $ — $ — $ (342 ) $ 17,039 $ (342 ) $ 17,039 December 31, 2018 Less Than Twelve Months Twelve Months or More Total (in thousands) Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Securities available for sale: Obligations of state and political subdivisions $ (9 ) $ 4,112 $ (714 ) $ 30,268 $ (723 ) $ 34,380 Mortgage-backed securities: Residential agency (816 ) 197,057 (56,257 ) 2,193,862 (57,073 ) 2,390,919 Commercial agency (43 ) 18,190 (14,756 ) 483,565 (14,799 ) 501,755 Other securities (94 ) 18,025 (693 ) 32,577 (787 ) 50,602 Total securities available for sale $ (962 ) $ 237,384 $ (72,420 ) $ 2,740,272 $ (73,382 ) $ 2,977,656 Securities held to maturity: Obligations of state and political subdivisions $ (3 ) $ 2,059 $ (2,494 ) $ 151,699 $ (2,497 ) $ 153,758 Mortgage-backed securities: Residential agency — — (1,011 ) 17,478 (1,011 ) 17,478 Total securities held to maturity $ (3 ) $ 2,059 $ (3,505 ) $ 169,177 $ (3,508 ) $ 171,236 |
Additional Information on Securities in a Continuous Loss Position | Additional information on securities that were in a continuous loss position for over twelve months at June 30, 2019 and December 31, 2018 is presented in the following table. (in thousands) June 30, 2019 December 31, 2018 Number of securities Mortgage-backed securities: Residential agency 159 302 Commercial agency 26 72 Obligations of state and political subdivisions — 60 Other securities 4 7 189 441 Amortized Cost Basis Mortgage-backed securities: Residential agency $ 1,049,840 $ 2,268,608 Commercial agency 123,557 498,321 Obligations of state and political subdivisions — 185,175 Other securities 5,107 33,270 $ 1,178,504 $ 2,985,374 Unrealized Loss Mortgage-backed securities: Residential agency $ 6,706 $ 57,268 Commercial agency 1,107 14,756 Obligations of state and political subdivisions — 3,208 Other securities 92 693 $ 7,905 $ 75,925 |
Schedule of Amortized Cost and Estimated Fair Value of Investment Securities by Maturity | The amortized cost and estimated fair value of investment securities by maturity at June 30, 2019 are presented in the following table. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. Accordingly, actual maturities may differ from contractual maturities. Weighted average yields are calculated on the basis of the yield to maturity based on the amortized cost of each security. Securities Available for Sale Securities Held to Maturity (in thousands) Weighted Amortized Estimated Weighted Amortized Estimated Within one year or less 3.67 % $ 1,554 $ 1,558 2.34 % $ 952 $ 955 One through five years 2.66 112,248 113,915 2.63 4,484 4,524 After five through ten years 2.72 769,216 789,351 2.43 45,338 46,508 Over ten years 2.84 3,518,983 3,550,484 2.60 142,143 146,025 2.82 % $ 4,402,001 $ 4,455,308 2.56 % $ 192,917 $ 198,012 |
Schedule of Realized Gains and Losses from Sale of Securities Classified as Available for Sale | The following is a summary of realized gains and losses from the sale of securities classified as available for sale. Gains or losses on securities sold are recorded on the trade date, using the specific identification method. Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2019 2018 2019 2018 Realized gains $ 1,297 $ 30 $ 1,297 $ 39 Realized losses (2,311 ) (27 ) (2,311 ) (95 ) $ (1,014 ) $ 3 $ (1,014 ) $ (56 ) |
Schedule of Securities in Other Assets on Company's Consolidated Balance Sheets | The Company accounts for the following securities at cost less impairment plus or minus any observable price changes, which approximates fair value, with the exception of CRA and Community Development Investment Funds, which are recorded at fair value. Other equity securities, which are presented in other assets on the consolidated balance sheets, were as follows: (in thousands) June 30, 2019 December 31, 2018 Federal Home Loan Bank stock $ 108,396 $ 95,213 Federal Reserve Bank stock 85,630 85,630 CRA and Community Development Investment Funds 2,192 1,884 Other investments 15,319 9,709 $ 211,537 $ 192,436 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Schedule of Non-Covered and Covered Loans | Loans and leases by portfolio segment and class consist of the following for the periods indicated: (in thousands) June 30, 2019 December 31, 2018 Commercial loans and leases: Real estate - construction $ 1,342,984 $ 1,196,366 Real estate - owner-occupied 2,373,143 2,395,822 Real estate - non-owner-occupied 6,102,143 5,796,117 Commercial and industrial (1) 6,161,759 5,737,017 Total commercial loans and leases 15,980,029 15,125,322 Residential mortgage loans 4,538,194 4,359,156 Consumer and other loans: Home equity 2,147,897 2,304,694 Other 689,191 730,643 Total consumer and other loans 2,837,088 3,035,337 Total loans and leases $ 23,355,311 $ 22,519,815 (1) Includes equipment financing leases |
Schedule of Aging of Loans | The following tables provide an analysis of the aging of loans and leases as of June 30, 2019 and December 31, 2018 . Past due and non-accrual loan amounts exclude acquired impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans. For additional information on the determination of past due status and the Company's policies for recording payments received, placing loans and leases on non-accrual status, and the resumption of interest accrual on non-accruing loans and leases, see Note 1, Summary of Significant Accounting Policies, in the 2018 10-K. June 30, 2019 Accruing (in thousands) Current or Less Than 30 days Past Due 30-59 days 60-89 days > 90 days Total Past Due Non-accrual (1) Acquired Impaired Total Real estate- construction $ 1,322,728 $ 207 $ — $ — $ 207 $ 1,188 $ 18,861 $ 1,342,984 Real estate- owner-occupied 2,285,316 7,274 — — 7,274 15,789 64,764 2,373,143 Real estate- non-owner-occupied 6,007,594 2,456 6,345 — 8,801 22,028 63,720 6,102,143 Commercial and industrial 6,086,983 3,035 437 — 3,472 48,747 22,557 6,161,759 Residential mortgage 4,393,649 4,914 5,941 851 11,706 50,046 82,793 4,538,194 Consumer - home equity 2,067,280 7,123 1,616 — 8,739 18,646 53,232 2,147,897 Consumer - other 680,595 2,972 701 — 3,673 2,548 2,375 689,191 Total $ 22,844,145 $ 27,981 $ 15,040 $ 851 $ 43,872 $ 158,992 $ 308,302 $ 23,355,311 (1) Of the total non-accrual loans at June 30, 2019 , $11.3 million were past due 30-59 days, $4.2 million were past due 60-89 days, and $68.6 million were past due more than 90 days. December 31, 2018 Accruing (in thousands) Current or Less Than 30 days Past Due 30-59 days 60-89 days > 90 days Total Past Due Non-accrual (1) Acquired Impaired Total Real estate- construction $ 1,167,795 $ 1,054 $ — $ — $ 1,054 $ 1,094 $ 26,423 $ 1,196,366 Real estate- owner-occupied 2,305,743 7,167 — — 7,167 10,260 72,652 2,395,822 Real estate- non-owner-occupied 5,703,131 7,473 360 — 7,833 15,898 69,255 5,796,117 Commercial and industrial 5,645,304 5,139 1,320 553 7,012 57,860 26,841 5,737,017 Residential mortgage 4,218,146 2,768 13,063 1,575 17,406 30,396 93,208 4,359,156 Consumer - home equity 2,200,517 10,283 2,409 — 12,692 18,830 72,655 2,304,694 Consumer - other 719,122 4,695 1,601 — 6,296 2,846 2,379 730,643 Total $ 21,959,758 $ 38,579 $ 18,753 $ 2,128 $ 59,460 $ 137,184 $ 363,413 $ 22,519,815 (1) Of the total non-accrual loans at December 31, 2018 , $7.0 million were past due 30-59 days, $3.7 million were past due 60-89 days, and $66.9 million were past due more than 90 days. |
Summary of Changes in Accretable Yields of Acquired Loans | The following is a summary of changes in the accretable difference for all loans accounted for under ASC 310-30 during the six months ended June 30 : (in thousands) 2019 2018 Balance at beginning of period $ 133,342 $ 152,623 Additions — 2,371 Transfers from non-accretable difference to accretable yield (2,563 ) (467 ) Accretion (19,580 ) (25,140 ) Changes in expected cash flows not affecting non-accretable differences (1) (4,341 ) 7,597 Balance at end of period $ 106,858 $ 136,984 (1) Includes changes in cash flows expected to be collected due to the impact of changes in actual or expected timing of liquidation events, modifications, changes in interest rates and changes in prepayment assumptions. |
Schedule of Modified TDRs | The following table provides information on how the TDRs were modified during the periods indicated: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2019 2018 2019 2018 Extended maturities $ 7,633 $ 1,790 $ 11,175 $ 7,193 Maturity and interest rate adjustment 224 — 617 102 Movement to or extension of interest-rate only payments 1,771 1,316 1,783 1,364 Interest rate adjustment 74 — 74 103 Forbearance — 1,405 5,742 13,936 Other concession(s) (1) 10,950 15,597 18,018 23,993 Total $ 20,652 $ 20,108 $ 37,409 $ 46,691 (1) Other concessions may include covenant waivers, forgiveness of principal or interest associated with a customer bankruptcy, or a combination of any of the above concessions. |
Schedule of Subsequently Defaulted TDRs | The following table presents the end of period balance for loans modified in a TDR during the periods indicated: Three Months Ended June 30, 2019 2018 (in thousands, except number of loans) Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Real estate- owner-occupied 4 $ 339 $ 338 5 $ 2,230 $ 2,201 Real estate- non-owner-occupied 7 4,687 4,628 5 823 780 Commercial and industrial 19 13,757 13,607 16 21,103 13,618 Residential mortgage 10 847 836 7 688 633 Consumer - home equity 22 1,159 1,056 19 2,361 2,350 Consumer - other 20 210 187 35 556 526 Total 82 $ 20,999 $ 20,652 87 $ 27,761 $ 20,108 Six Months Ended June 30, 2019 2018 (in thousands, except number of loans) Number of Loans Pre-modification Outstanding Recorded Investment Post-modification Outstanding Recorded Investment Number of Loans Pre-modification Outstanding Recorded Investment Post-modification Outstanding Recorded Investment Real estate- construction 1 $ 39 $ 37 1 $ 1,950 $ 1,013 Real estate- owner-occupied 6 1,435 1,402 7 12,921 11,290 Real estate- non-owner-occupied 13 7,756 7,651 14 1,912 1,854 Commercial and industrial 38 29,785 20,670 32 35,338 26,684 Residential mortgage 19 1,687 1,669 7 688 633 Consumer - home equity 54 5,312 5,137 33 4,170 4,133 Consumer - other 51 918 843 51 1,126 1,084 Total 182 $ 46,932 $ 37,409 145 $ 58,105 $ 46,691 Information detailing TDRs that defaulted during the three-month and six-month periods ended June 30, 2019 and 2018 , and were modified in the previous twelve months (i.e., the twelve months prior to the default) is presented in the following tables. The Company has defined a default as any loan with a payment that is currently past due greater than 30 days , or was past due greater than 30 days at any point during the respective periods, or since the date of modification, whichever is shorter. Three Months Ended June 30, 2019 2018 (in thousands, except number of loans) Number of Loans Recorded Investment Number of Loans Recorded Investment Real estate- construction 1 $ 37 — $ — Real estate- owner-occupied 4 1,232 5 461 Real estate- non-owner-occupied 11 2,341 9 1,448 Commercial and industrial 17 5,475 8 1,437 Residential mortgage 12 1,012 7 775 Consumer - home equity 17 1,411 11 1,129 Consumer - other 34 515 21 232 Total 96 $ 12,023 61 $ 5,482 Six Months Ended June 30, 2019 2018 (in thousands, except number of loans) Number of Loans Recorded Investment Number of Loans Recorded Investment Real estate- construction 1 $ 37 — $ — Real estate- owner-occupied 6 1,232 6 9,455 Real estate- non-owner-occupied 17 2,913 15 1,813 Commercial and industrial 25 6,152 21 7,100 Residential mortgage 21 1,597 10 1,081 Consumer - home equity 27 2,401 26 2,242 Consumer - other 41 591 48 1,003 Total 138 $ 14,923 126 $ 22,694 |
Allowance for Credit Losses a_2
Allowance for Credit Losses and Credit Quality (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Schedule of Allowance for Loan Losses for Covered and Non-Covered Loan Portfolios | A summary of changes in the allowance for credit losses for the six months ended June 30 is as follows: (in thousands) 2019 2018 Allowance for loan and lease losses at beginning of period $ 140,571 $ 140,891 Provision for loan and lease losses 24,067 15,581 Transfer of balance to OREO and other (2,863 ) (3,943 ) Charge-offs (19,194 ) (22,734 ) Recoveries 3,805 6,781 Allowance for loan and lease losses at end of period $ 146,386 $ 136,576 Reserve for unfunded commitments at beginning of period $ 14,830 $ 13,208 Balance created in acquisition accounting — 900 Provision for unfunded lending commitments 451 325 Reserve for unfunded commitments at end of period $ 15,281 $ 14,433 Allowance for credit losses at end of period $ 161,667 $ 151,009 A summary of changes in the allowance for credit losses, by loan portfolio type, for the six months ended June 30 is as follows: 2019 (in thousands) Commercial Real Estate Commercial and Industrial Residential Mortgage Consumer and Other Total Allowance for loan and lease losses at beginning of period $ 51,806 $ 54,096 $ 12,998 $ 21,671 $ 140,571 Provision for (Reversal of) loan and lease losses 15,204 5,077 (584 ) 4,370 24,067 Transfer of balance to OREO and other (256 ) (1 ) (2,862 ) 256 (2,863 ) Charge-offs (641 ) (11,880 ) (168 ) (6,505 ) (19,194 ) Recoveries 318 1,796 157 1,534 3,805 Allowance for loan and lease losses at end of period $ 66,431 $ 49,088 $ 9,541 $ 21,326 $ 146,386 Reserve for unfunded commitments at beginning of period $ 4,869 $ 6,198 $ 866 $ 2,897 $ 14,830 Provision for (Reversal of) unfunded commitments 603 (313 ) (206 ) 367 451 Reserve for unfunded commitments at end of period $ 5,472 $ 5,885 $ 660 $ 3,264 $ 15,281 Allowance on loans individually evaluated for impairment $ 4,673 $ 7,656 $ 349 $ 3,176 $ 15,854 Allowance on loans collectively evaluated for impairment 56,251 39,854 5,127 18,008 119,240 Allowance on loans acquired with deteriorated credit quality 5,507 1,578 4,065 142 11,292 Loans and leases, net of unearned income: Balance at end of period $ 9,818,270 $ 6,161,759 $ 4,538,194 $ 2,837,088 $ 23,355,311 Balance at end of period individually evaluated for impairment 74,331 54,860 41,363 39,127 209,681 Balance at end of period collectively evaluated for impairment 9,596,594 6,084,342 4,414,038 2,742,354 22,837,328 Balance at end of period acquired with deteriorated credit quality 147,345 22,557 82,793 55,607 308,302 2018 (in thousands) Commercial Real Estate Commercial and Industrial Residential Mortgage Consumer and Other Total Allowance for loan and lease losses at beginning of period $ 54,201 $ 53,916 $ 9,117 $ 23,657 $ 140,891 Provision for (Reversal of) loan and lease losses (3,404 ) 10,083 1,112 7,790 15,581 Transfer of balance to OREO and other (506 ) (18 ) 6 (3,425 ) (3,943 ) Charge-offs (1,258 ) (13,575 ) (196 ) (7,705 ) (22,734 ) Recoveries 384 4,403 44 1,950 6,781 Allowance for loan and lease losses at end of period $ 49,417 $ 54,809 $ 10,083 $ 22,267 $ 136,576 Reserve for unfunded commitments at beginning of period $ 4,531 $ 5,309 $ 555 $ 2,813 $ 13,208 Balance created in acquisition accounting 129 81 — 690 900 Provision for (Reversal of) unfunded commitments 467 (306 ) 160 4 325 Reserve for unfunded commitments at end of period $ 5,127 $ 5,084 $ 715 $ 3,507 $ 14,433 Allowance on loans individually evaluated for impairment $ 2,274 $ 11,946 $ 168 $ 3,199 $ 17,587 Allowance on loans collectively evaluated for impairment 40,763 40,540 3,816 18,742 103,861 Allowance on loans acquired with deteriorated credit quality 6,380 2,323 6,099 326 15,128 Loans and leases, net of unearned income: Balance at end of period $ 9,292,304 $ 5,512,416 $ 4,124,538 $ 3,146,525 $ 22,075,783 Balance at end of period individually evaluated for impairment 84,217 66,683 5,873 35,550 192,323 Balance at end of period collectively evaluated for impairment 9,017,756 5,415,093 3,984,086 3,029,027 21,445,962 Balance at end of period acquired with deteriorated credit quality 190,331 30,640 134,579 81,948 437,498 |
Investment in Legacy and Acquired Loans by Credit Quality Indicator | The recorded investment in loans and leases by credit quality indicator is presented in the following tables. Asset risk classifications for commercial loans and leases reflect the classification as of June 30, 2019 and December 31, 2018 . Credit quality information in the tables below includes total loans acquired (including acquired impaired loans) at the net loan balance, after the application of premiums and discounts. Loan premiums and discounts represent the adjustment of acquired loans to fair value at the acquisition date, as adjusted for income accretion and changes in cash flow estimates in subsequent periods. June 30, 2019 December 31, 2018 (in thousands) Pass Special Mention Sub- Doubtful Total Pass Special Mention Sub- Doubtful Total Real estate - construction $ 1,320,007 $ 12,262 $ 10,715 $ — $ 1,342,984 $ 1,182,554 $ 1,062 $ 12,740 $ 10 $ 1,196,366 Real estate - owner-occupied 2,308,176 25,114 37,126 2,727 2,373,143 2,328,999 25,526 41,297 — 2,395,822 Real estate - non-owner-occupied 6,011,800 48,323 39,832 2,188 6,102,143 5,687,963 78,009 26,512 3,633 5,796,117 Commercial and industrial 6,018,866 53,075 73,667 16,151 6,161,759 5,586,482 52,632 73,853 24,050 5,737,017 Total $ 15,658,849 $ 138,774 $ 161,340 $ 21,066 $ 15,980,029 $ 14,785,998 $ 157,229 $ 154,402 $ 27,693 $ 15,125,322 June 30, 2019 December 31, 2018 (in thousands) Current 30+ Days Past Due Total Current 30+ Days Past Due Total Residential mortgage $ 4,459,706 $ 78,488 $ 4,538,194 $ 4,290,152 $ 69,004 $ 4,359,156 Consumer - home equity 2,113,237 34,660 2,147,897 2,258,659 46,035 2,304,694 Consumer - other 682,860 6,331 689,191 721,231 9,412 730,643 Total $ 7,255,803 $ 119,479 $ 7,375,282 $ 7,270,042 $ 124,451 $ 7,394,493 |
Schedule of Investment in Legacy Impaired Loans | Information on the Company’s investment in impaired loans, which include all TDRs and all other non-accrual loans evaluated or measured individually for impairment for purposes of determining the ALLL, is presented in the following tables as of and for the periods indicated. June 30, 2019 December 31, 2018 Unpaid Principal Balance Recorded Investment Related Allowance Unpaid Principal Balance Recorded Investment Related Allowance (in thousands) With no related allowance recorded: Real estate - construction $ 12,138 $ 11,139 $ — $ 10,261 $ 9,262 $ — Real estate - owner-occupied 27,142 27,064 — 25,037 19,044 — Real estate - non-owner-occupied 21,234 20,271 — 15,265 14,288 — Commercial and industrial 33,989 30,157 — 55,554 43,886 — Residential mortgage 32,448 31,645 — 1,244 1,221 — Consumer - home equity 1,995 1,998 — 4,183 4,176 — Consumer - other — — — — — — With an allowance recorded: Real estate - construction 140 127 (2 ) 228 140 (11 ) Real estate - owner-occupied 8,811 8,248 (4,061 ) 5,032 4,773 (520 ) Real estate - non-owner-occupied 7,683 7,482 (610 ) 6,445 6,398 (105 ) Commercial and industrial 37,969 24,703 (7,656 ) 46,387 27,915 (12,646 ) Residential mortgage 10,366 9,718 (349 ) 5,870 5,358 (145 ) Consumer - home equity 33,194 32,702 (2,662 ) 29,284 28,818 (2,427 ) Consumer - other 4,743 4,427 (514 ) 4,956 4,446 (488 ) Total $ 231,852 $ 209,681 $ (15,854 ) $ 209,746 $ 169,725 $ (16,342 ) Total commercial loans and leases $ 149,106 $ 129,191 $ (12,329 ) $ 164,209 $ 125,706 $ (13,282 ) Total residential mortgage loans 42,814 41,363 (349 ) 7,114 6,579 (145 ) Total consumer and other loans 39,932 39,127 (3,176 ) 38,423 37,440 (2,915 ) Three Months Ended June 30, 2019 Three Months Ended June 30, 2018 Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Average Interest Average Interest Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (in thousands) With no related allowance recorded: Real estate - construction $ 21,339 $ 341 $ 12,952 $ 198 $ 21,340 $ 678 $ 12,597 $ 393 Real estate - owner-occupied 24,134 326 30,899 209 27,314 569 31,265 609 Real estate - non-owner-occupied 20,305 100 15,929 121 20,360 207 16,558 250 Commercial and industrial 29,315 151 37,859 389 29,816 331 37,806 836 Residential mortgage 27,129 235 1,272 13 18,804 374 1,280 27 Consumer - home equity 1,998 22 1,910 28 1,943 44 1,922 52 With an allowance recorded: Real estate - construction 131 1 152 — 135 2 152 — Real estate - owner-occupied 8,578 57 19,582 82 8,628 116 19,696 192 Real estate - non-owner-occupied 7,557 42 1,631 14 7,643 122 1,705 39 Commercial and industrial 23,891 177 38,134 158 21,400 371 38,981 357 Residential mortgage 9,833 73 4,657 47 9,881 169 4,678 92 Consumer - home equity 32,885 332 28,595 304 32,341 656 28,173 600 Consumer - other 4,533 63 5,220 67 4,597 128 5,267 139 Total $ 211,628 $ 1,920 $ 198,792 $ 1,630 $ 204,202 $ 3,767 $ 200,080 $ 3,586 Total commercial loans and leases $ 135,250 $ 1,195 $ 157,138 $ 1,171 $ 136,636 $ 2,396 $ 158,760 $ 2,676 Total residential mortgage loans 36,962 308 5,929 60 28,685 543 5,958 119 Total consumer and other loans 39,416 417 35,725 399 38,881 828 35,362 791 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Carrying Amount of Goodwill | Changes to the carrying amount of goodwill by reporting unit for the six months ended June 30, 2019 , and the year ended December 31, 2018 are provided in the following table: (in thousands) IBERIABANK Mortgage LTC Total Balance, December 31, 2017 $ 1,160,559 $ 23,178 $ 5,165 $ 1,188,902 Goodwill acquired and adjustments during the year 43,251 — 3,380 46,631 Balance, December 31, 2018 $ 1,203,810 $ 23,178 $ 8,545 $ 1,235,533 Goodwill acquired and adjustments during the year — — — — Balance, June 30, 2019 $ 1,203,810 $ 23,178 $ 8,545 $ 1,235,533 |
Schedule of Mortgage Servicing Rights | Mortgage servicing rights had the following carrying values as of the periods indicated: June 30, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (in thousands) Mortgage servicing rights $ 16,885 $ (5,486 ) $ 11,399 $ 13,612 $ (4,806 ) $ 8,806 |
Schedule of Definite-Lived Intangible Assets | Definite-lived intangible assets had the following carrying values included in other intangible assets on the Company’s consolidated balance sheets as of the periods indicated: June 30, 2019 December 31, 2018 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Core deposit intangible assets $ 136,183 $ (72,870 ) $ 63,313 $ 136,183 $ (63,213 ) $ 72,970 Customer relationship intangible asset 1,385 (1,354 ) 31 1,385 (1,323 ) 62 Non-compete agreement 206 (94 ) 112 206 (72 ) 134 Total $ 137,774 $ (74,318 ) $ 63,456 $ 137,774 $ (64,608 ) $ 73,166 |
Derivative Instruments and Ot_2
Derivative Instruments and Other Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Outstanding Derivative Instruments | Information pertaining to outstanding derivative instruments is as follows: Derivative Assets - Fair Value Derivative Liabilities - Fair Value (in thousands) June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 Derivatives designated as hedging instruments: Interest rate contracts $ 21,015 $ 3,469 $ — $ — Total derivatives designated as hedging instruments $ 21,015 $ 3,469 $ — $ — Derivatives not designated as hedging instruments: Interest rate contracts: Customer swaps - upstream $ 24 $ 474 $ 5,041 $ 191 Customer swaps - downstream 76,944 16,946 1,760 17,812 Foreign exchange contracts — 18 — 18 Forward sales contracts 146 630 1,834 750 Written and purchased options 9,574 5,490 3,871 3,310 Other contracts 44 21 93 43 Total derivatives not designated as hedging instruments $ 86,732 $ 23,579 $ 12,599 $ 22,124 Total $ 107,747 $ 27,048 $ 12,599 $ 22,124 Derivative Assets - Notional Amount Derivative Liabilities - Notional Amount (in thousands) June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 Derivatives designated as hedging instruments: Interest rate contracts $ 800,000 $ 408,500 $ 108,500 $ — Total derivatives designated as hedging instruments $ 800,000 $ 408,500 $ 108,500 $ — Derivatives not designated as hedging instruments: Interest rate contracts: Customer swaps - upstream $ 375,805 $ 919,653 $ 1,885,919 $ 701,257 Customer swaps - downstream 1,885,919 701,257 375,805 919,653 Foreign exchange contracts — 1,202 — 1,202 Forward sales contracts 46,143 1,140 262,566 143,179 Written and purchased options 350,875 229,333 137,167 140,645 Other contracts 54,568 50,527 113,396 85,623 Total derivatives not designated as hedging instruments $ 2,713,310 $ 1,903,112 $ 2,774,853 $ 1,991,559 Total $ 3,513,310 $ 2,311,612 $ 2,883,353 $ 1,991,559 |
Offsetting Assets | The following table reconciles the gross amounts presented in the consolidated balance sheets to the net amounts that would result in the event of offset. June 30, 2019 Gross Amounts Presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Net (in thousands) Derivatives Collateral Derivatives subject to master netting arrangements Derivative assets Interest rate contracts designated as hedging instruments $ 21,015 $ — $ — $ 21,015 Interest rate contracts not designated as hedging instruments 76,968 (5,129 ) — 71,839 Written and purchased options 3,832 — — 3,832 Total derivative assets subject to master netting arrangements $ 101,815 $ (5,129 ) $ — $ 96,686 Derivative liabilities Interest rate contracts not designated as hedging instruments $ 6,801 $ (5,129 ) $ — $ 1,672 Written and purchased options 3,832 — — 3,832 Total derivative liabilities subject to master netting arrangements $ 10,633 $ (5,129 ) $ — $ 5,504 December 31, 2018 Gross Amounts Presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Net (in thousands) Derivatives Collateral Derivatives subject to master netting arrangements Derivative assets Interest rate contracts designated as hedging instruments $ 3,469 $ — $ — $ 3,469 Interest rate contracts not designated as hedging instruments 17,420 (619 ) — 16,801 Written and purchased options 3,285 — — 3,285 Total derivative assets subject to master netting arrangements $ 24,174 $ (619 ) $ — $ 23,555 Derivative liabilities Interest rate contracts not designated as hedging instruments $ 18,003 $ (619 ) $ — $ 17,384 Written and purchased options 3,285 — — 3,285 Total derivative liabilities subject to master netting arrangements $ 21,288 $ (619 ) $ — $ 20,669 |
Offsetting Liabilities | The following table reconciles the gross amounts presented in the consolidated balance sheets to the net amounts that would result in the event of offset. June 30, 2019 Gross Amounts Presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Net (in thousands) Derivatives Collateral Derivatives subject to master netting arrangements Derivative assets Interest rate contracts designated as hedging instruments $ 21,015 $ — $ — $ 21,015 Interest rate contracts not designated as hedging instruments 76,968 (5,129 ) — 71,839 Written and purchased options 3,832 — — 3,832 Total derivative assets subject to master netting arrangements $ 101,815 $ (5,129 ) $ — $ 96,686 Derivative liabilities Interest rate contracts not designated as hedging instruments $ 6,801 $ (5,129 ) $ — $ 1,672 Written and purchased options 3,832 — — 3,832 Total derivative liabilities subject to master netting arrangements $ 10,633 $ (5,129 ) $ — $ 5,504 December 31, 2018 Gross Amounts Presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Net (in thousands) Derivatives Collateral Derivatives subject to master netting arrangements Derivative assets Interest rate contracts designated as hedging instruments $ 3,469 $ — $ — $ 3,469 Interest rate contracts not designated as hedging instruments 17,420 (619 ) — 16,801 Written and purchased options 3,285 — — 3,285 Total derivative assets subject to master netting arrangements $ 24,174 $ (619 ) $ — $ 23,555 Derivative liabilities Interest rate contracts not designated as hedging instruments $ 18,003 $ (619 ) $ — $ 17,384 Written and purchased options 3,285 — — 3,285 Total derivative liabilities subject to master netting arrangements $ 21,288 $ (619 ) $ — $ 20,669 |
Effect of Derivatives on the Consolidated Financial Statements | At June 30, 2019 and 2018 , and for the three and six months then ended, information pertaining to the effect of the hedging instruments on the consolidated financial statements was as follows: Amount of Gain (Loss) Recognized in OCI, net of taxes Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income, net of taxes Location of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing) Amount of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing) Total Including Component Excluding Component Total Including Component Excluding Component Total Including Component Excluding Component (in thousands) For the Three Months Ended June 30, Derivatives in Cash Flow Hedging Relationships 2019 2019 2019 Interest rate contracts $ 4,441 $ 5,982 $ (1,541 ) Interest expense $ (78 ) $ 179 $ (257 ) Interest expense $ — $ — $ — 2018 2018 2018 Interest rate contracts $ 1,395 $ 1,395 $ — Interest expense $ (40 ) $ (40 ) $ — Interest expense $ — $ — $ — Amount of Gain (Loss) Recognized in OCI, net of taxes Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income, net of taxes Location of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing) Amount of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing) Total Including Component Excluding Component Total Including Component Excluding Component Total Including Component Excluding Component (in thousands) For the Six Months Ended June 30, Derivatives in Cash Flow Hedging Relationships 2019 2019 2019 Interest rate contracts $ 2,256 $ 2,884 $ (628 ) Interest expense $ (305 ) $ 110 $ (415 ) Interest expense $ — $ — $ — 2018 2018 2018 Interest rate contracts $ 3,944 $ 3,944 $ — Interest expense $ (156 ) $ (156 ) $ — Interest expense $ — $ — $ — Information pertaining to the effect of derivatives not designated as hedging instruments on the consolidated financial statements as of June 30, was as follows: Location of Gain (Loss) Recognized in Income on Derivatives Amount of Gain (Loss) Recognized in Income on Derivatives For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2019 2018 2019 2018 Interest rate contracts (1) Commission income $ 2,513 $ 1,458 $ 6,694 $ 2,507 Foreign exchange contracts Other income 1 5 6 10 Forward sales contracts Mortgage income (3,111 ) 228 (6,320 ) 3,615 Written and purchased options Mortgage income 1,660 517 3,523 1,165 Other contracts Other income (18 ) (2 ) (27 ) (5 ) Total $ 1,045 $ 2,206 $ 3,876 $ 7,292 (1) Includes fees associated with customer interest rate contracts. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Assets And Liabilities, Leases | The following summarizes the ROU asset and lease liabilities as of June 30, 2019 : (in thousands) June 30, 2019 Right-of-use assets $ 98,723 Lease liabilities 119,463 Weighted average remaining lease term 7.9 years Weighted average discount rate 3.3 % |
Lessee, Operating Lease, Liability, Maturity | Maturities of operating lease liabilities as of June 30, 2019 were as follows: (in thousands) 2019 $ 13,345 2020 25,055 2021 21,221 2022 18,154 2023 13,522 2024 and thereafter 45,371 Total operating lease payments $ 136,668 Less: Imputed interest 17,205 Total lease liabilities $ 119,463 |
Lessor, Net Investment in in Leases | The components of the Company’s net investment in leases were as follows: (in thousands) June 30, 2019 Lease payment receivable $ 259,103 Unguaranteed residual assets 28,903 Total net investment in leases $ 288,006 |
Sales-type and Direct Financing Leases, Lease Receivable, Maturity | Maturities of the Company's lease receivables as of June 30, 2019 were as follows: (in thousands) 2019 $ 21,556 2020 42,696 2021 42,619 2022 37,866 2023 30,344 2024 and thereafter 93,482 Total future minimum lease payments $ 268,563 Less: Imputed interest 9,460 Lease receivables $ 259,103 |
Shareholders' Equity, Capital_2
Shareholders' Equity, Capital Ratios and Other Regulatory Matters (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Banking and Thrift [Abstract] | |
Schedule of Preferred Stock | The following table presents a summary of the Company's non-cumulative perpetual preferred stock: June 30, 2019 December 31, 2018 Issuance Date Earliest Redemption Date Annual Dividend Rate Liquidation Amount Carrying Amount Carrying Amount (in thousands) Series B Preferred Stock 8/5/2015 8/1/2025 6.625 % $ 80,000 $ 76,812 $ 76,812 Series C Preferred Stock 5/9/2016 5/1/2026 6.600 % 57,500 55,285 55,285 Series D Preferred Stock 4/4/2019 5/1/2024 6.100 % 100,000 96,388 — $ 237,500 $ 228,485 $ 132,097 |
Actual Capital Amounts and Ratios | The Company’s and IBERIABANK’s actual capital amounts and ratios as of June 30, 2019 and December 31, 2018 are presented in the following tables: (in thousands) June 30, 2019 Minimum Well-Capitalized Actual Amount Ratio Amount Ratio Amount Ratio Tier 1 Leverage Consolidated $ 1,199,612 4.00 % N/A N/A $ 2,913,362 9.71 % IBERIABANK 1,196,979 4.00 1,496,224 5.00 2,857,238 9.55 Common Equity Tier 1 (CET1) Consolidated $ 1,164,678 4.50 % N/A N/A $ 2,684,877 10.38 % IBERIABANK 1,161,409 4.50 1,677,591 6.50 2,857,238 11.07 Tier 1 Risk-Based Capital Consolidated $ 1,552,904 6.00 % N/A N/A $ 2,913,362 11.26 % IBERIABANK 1,548,546 6.00 2,064,728 8.00 2,857,238 11.07 Total Risk-Based Capital Consolidated $ 2,070,539 8.00 % N/A N/A $ 3,191,529 12.33 % IBERIABANK 2,064,728 8.00 2,580,910 10.00 3,018,905 11.70 December 31, 2018 Minimum Well-Capitalized Actual Amount Ratio Amount Ratio Amount Ratio Tier 1 Leverage Consolidated $ 1,168,343 4.00 % N/A N/A $ 2,812,863 9.63 % IBERIABANK 1,165,537 4.00 1,456,921 5.00 2,733,099 9.38 Common Equity Tier 1 (CET1) Consolidated $ 1,125,405 4.50 % N/A N/A $ 2,680,766 10.72 % IBERIABANK 1,122,712 4.50 1,621,695 6.50 2,733,099 10.95 Tier 1 Risk-Based Capital Consolidated $ 1,500,540 6.00 % N/A N/A $ 2,812,863 11.25 % IBERIABANK 1,496,949 6.00 1,995,932 8.00 2,733,099 10.95 Total Risk-Based Capital Consolidated $ 2,000,720 8.00 % N/A N/A $ 3,084,764 12.33 % IBERIABANK 1,995,932 8.00 2,494,915 10.00 2,888,500 11.58 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Basic and Diluted Earnings Per Share | The computations of basic and diluted earnings per share were as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share data) 2019 2018 2019 2018 Earnings Per Common Share - Basic: Net income $ 101,598 $ 75,124 $ 201,729 $ 138,745 Less: Preferred stock dividends 949 949 4,547 4,547 Less: Dividends and undistributed earnings allocated to unvested restricted shares 999 767 1,931 1,409 Earnings allocated to common shareholders - basic $ 99,650 $ 73,408 $ 195,251 $ 132,789 Weighted average common shares outstanding 53,345 55,931 53,758 54,780 Earnings per common share - basic $ 1.87 $ 1.31 $ 3.63 $ 2.42 Earnings Per Common Share - Diluted: Earnings allocated to common shareholders - basic $ 99,650 $ 73,408 $ 195,251 $ 132,789 Adjustment for undistributed earnings allocated to unvested restricted shares 24 (7 ) (21 ) (26 ) Earnings allocated to common shareholders - diluted $ 99,674 $ 73,401 $ 195,230 $ 132,763 Weighted average common shares outstanding 53,345 55,931 53,758 54,780 Dilutive potential common shares 328 356 346 353 Weighted average common shares outstanding - diluted 53,674 56,287 54,104 55,133 Earnings per common share - diluted $ 1.86 $ 1.30 $ 3.61 $ 2.41 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation Arrangements by Share-based Payment Award | The following table represents unvested restricted stock award and restricted share unit activity for the following periods: For the Six Months Ended June 30, 2019 2018 Number of shares at beginning of period 700,628 738,187 Granted 212,038 224,170 Forfeited (15,199 ) (56,653 ) Vested (199,156 ) (138,952 ) Number of shares at end of period 698,311 766,752 The following table represents phantom stock award activity during the periods indicated: (in thousands) Number of share equivalents (1) Value of share equivalents (2) Balance, December 31, 2017 393,844 $ 30,523 Granted 140,804 10,673 Forfeited share equivalents (45,821 ) 3,473 Vested share equivalents (126,019 ) 10,519 Balance, June 30, 2018 362,808 $ 27,501 Balance, December 31, 2018 353,407 $ 22,717 Granted 174,991 13,273 Forfeited share equivalents (20,407 ) 1,548 Vested share equivalents (101,318 ) 7,647 Balance, June 30, 2019 406,673 $ 30,846 (1) Number of share equivalents includes all reinvested dividend equivalents for the periods indicated. (2) Except for share equivalents at the beginning of each period, which are based on the value at that time, and vested share payments, which are based on the cash paid at the time of vesting, the value of share equivalents is calculated based on the market price of the Company’s stock at the end of the respective periods. The market price of the Company’s stock was $75.85 and $75.80 on June 30, 2019 , and 2018, respectively. The following table represents the activity related to stock options during the periods indicated: Number of Shares Weighted Average Exercise Price Outstanding options, December 31, 2017 686,366 $ 58.24 Granted 96,507 81.99 Exercised (34,745 ) 53.48 Forfeited or expired (22,524 ) 66.80 Outstanding options, June 30, 2018 725,604 $ 61.36 Exercisable options, June 30, 2018 505,477 $ 56.55 Outstanding options, December 31, 2018 714,420 $ 61.41 Granted 127,090 70.34 Exercised (21,575 ) 53.98 Forfeited or expired (8,787 ) 70.80 Outstanding options, June 30, 2019 811,148 $ 62.90 Exercisable options, June 30, 2019 561,789 $ 58.26 |
Schedule of Valuation Assumptions | The following weighted-average assumptions were used for option awards issued during the following periods: For the Six Months Ended June 30, 2019 2018 Expected dividends 2.3 % 1.8 % Expected volatility 24.5 % 24.3 % Risk-free interest rate 2.5 % 2.7 % Expected term (in years) 5.7 5.8 Weighted-average grant-date fair value $ 14.44 $ 18.44 |
Schedule of Allocation for Share-based Compensation Expense | The following table represents compensation expense recorded for phantom stock based on the number of share equivalents vested at June 30 of the periods indicated and the current market price of the Company’s stock at that time: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2019 2018 2019 2018 Compensation expense related to phantom stock $ 2,451 $ 2,017 $ 5,645 $ 5,013 The following table represents the compensation expense that was included in non-interest expense and related income tax benefits in the accompanying consolidated statements of comprehensive income related to restricted stock awards and restricted share units for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2019 2018 2019 2018 Compensation expense related to restricted stock awards and restricted share units $ 5,931 $ 4,927 $ 11,154 $ 9,349 Income tax benefit related to restricted stock awards and restricted share units 1,245 1,035 2,342 1,963 The following table represents the compensation expense that is included in non-interest expense and related income tax benefits in the accompanying consolidated statements of comprehensive income related to stock options for the following periods: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2019 2018 2019 2018 Compensation expense related to stock options $ 336 $ 319 $ 685 $ 631 Income tax benefit related to stock options 24 23 50 46 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Asset and Liabilities Measured at Fair Value on Recurring Basis | The following table presents information about the Company's assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2019 and December 31, 2018 and their classification within the fair value hierarchy. See Note 1, Summary of Significant Accounting Policies, in the Annual Report on Form 10-K for the year ended December 31, 2018 , for a description of how fair value measurements are determined. June 30, 2019 (in thousands) Level 1 Level 2 Level 3 Total Assets Securities available for sale $ — $ 4,455,308 $ — $ 4,455,308 Mortgage loans held for sale — 187,987 — 187,987 Mortgage loans held for investment, at fair value option — — 1,945 1,945 Derivative instruments — 107,747 — 107,747 Total $ — $ 4,751,042 $ 1,945 $ 4,752,987 Liabilities Derivative instruments $ — $ 12,599 $ — $ 12,599 Total $ — $ 12,599 $ — $ 12,599 December 31, 2018 Level 1 Level 2 Level 3 Total Assets Securities available for sale $ — $ 4,783,579 $ — $ 4,783,579 Mortgage loans held for sale — 107,734 — 107,734 Mortgage loans held for investment, at fair value option — — 3,143 3,143 Derivative instruments — 27,048 — 27,048 Total $ — $ 4,918,361 $ 3,143 $ 4,921,504 Liabilities Derivative instruments $ — $ 22,124 $ — $ 22,124 Total $ — $ 22,124 $ — $ 22,124 |
Financial Asset and Liabilities Measured at Fair Value on Nonrecurring Basis | The Company holds certain assets that are measured at fair value, but only in certain circumstances, such as impairment. The following table presents information about the Company's assets that are measured at fair value and still held as of June 30, 2019 and December 31, 2018 for which a non-recurring fair value adjustment was recorded during the periods then ended. See Note 1, Summary of Significant Accounting Policies, in the Annual Report on Form 10-K for the year ended December 31, 2018 , for a description of how fair value measurements are determined. June 30, 2019 (in thousands) Level 1 Level 2 Level 3 Total Assets Impaired loans $ — $ — $ 73,003 $ 73,003 OREO, net — — 5,076 5,076 Total $ — $ — $ 78,079 $ 78,079 December 31, 2018 (in thousands) Level 1 Level 2 Level 3 Total Assets Impaired loans $ — $ — $ 65,914 $ 65,914 OREO, net — — 6,433 6,433 Total $ — $ — $ 72,347 $ 72,347 |
Summary of Difference Between the Aggregate Fair Value and the Aggregate Unpaid Principal Balance for Mortgage Loans Held for Sale | The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for mortgage loans held for sale and mortgage loans held for investment measured at fair value: June 30, 2019 December 31, 2018 (in thousands) Aggregate Fair Value Aggregate Unpaid Principal Aggregate Fair Value Less Unpaid Principal Aggregate Fair Value Aggregate Unpaid Principal Aggregate Fair Value Less Unpaid Principal Mortgage loans held for sale, at fair value $ 187,987 $ 181,067 $ 6,920 $ 107,734 $ 104,345 $ 3,389 Mortgage loans held for investment, at fair value 1,945 2,099 (154 ) 3,143 3,595 (452 ) |
Fair Value Option, Disclosures | The following table details net gains (losses) resulting from the change in fair value of loans that were recorded in mortgage income in the consolidated statements of comprehensive income for the three and six months ended June 30, 2019 and 2018. The changes in fair value are mostly offset by economic hedging activities, with an insignificant portion of these changes attributable to changes in instrument-specific credit risk. Net Gains (Losses) Resulting From Changes in Fair Value For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2019 2018 2019 2018 Fair value option Mortgage loans held for sale, at fair value $ 2,879 $ (331 ) $ 3,531 $ (1,472 ) Mortgage loans held for investment, at fair value (104 ) (172 ) 87 (921 ) |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Values and Carrying Amounts of Financial Instruments | The carrying amount and estimated fair values of the Company’s financial instruments, as well as the level within the fair value hierarchy, are included in the tables below. See Note 1, Summary of Significant Accounting Policies, and Note 2, Recent Accounting Pronouncements, in the Annual Report on Form 10-K for the year ended December 31, 2018 , for a description of how fair value measurements are determined. June 30, 2019 (in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Measurement Category Fair Value Financial Assets Securities available for sale $ 4,455,308 $ 4,455,308 $ — $ 4,455,308 $ — Mortgage loans held for sale 187,987 187,987 — 187,987 — Mortgage loans held for investment, at fair value option 1,945 1,945 — — 1,945 Derivative instruments 107,747 107,747 — 107,747 — Financial Liabilities Derivative instruments 12,599 12,599 — 12,599 — Amortized Cost Financial Assets Cash and cash equivalents $ 789,315 $ 789,315 $ 789,315 $ — $ — Securities held to maturity 192,917 198,012 — 198,012 — Loans and leases, carried at amortized cost, net of unearned income and allowance for loan and lease losses 23,206,980 22,939,128 — — 22,939,128 Financial Liabilities Deposits 24,295,331 24,295,695 — 24,295,695 — Short-term borrowings 997,507 997,507 184,507 813,000 — Long-term debt 1,374,759 1,381,572 — — 1,381,572 December 31, 2018 (in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Measurement Category Fair Value Financial Assets Securities available for sale $ 4,783,579 $ 4,783,579 $ — $ 4,783,579 $ — Mortgage loans held for sale 107,734 107,734 — 107,734 — Mortgage loans held for investment, at fair value option 3,143 3,143 — — 3,143 Derivative instruments 27,048 27,048 — 27,048 — Financial Liabilities Derivative instruments 22,124 22,124 — 22,124 — Amortized Cost Financial Assets Cash and cash equivalents $ 690,453 $ 690,453 $ 690,453 $ — $ — Securities held to maturity 207,446 204,277 — 204,277 — Loans and leases, carried at amortized cost, net of unearned income and allowance for loan and lease losses 22,376,101 22,088,236 — — 22,088,236 Financial Liabilities Deposits 23,763,431 23,752,139 — 23,752,139 — Short-term borrowings 1,482,882 1,482,882 315,882 1,167,000 — Long-term debt 1,166,151 1,154,062 — — 1,154,062 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | The following tables present certain information regarding operations by reportable segment, including a reconciliation of segment results to reported consolidated results for the periods presented. Reconciling items between segment results and reported results include: • Elimination of interest income and interest expense representing interest earned by IBERIABANK on interest-bearing checking accounts held by related companies, as well as the elimination of the related deposit balances at the IBERIABANK segment; • Elimination of investment in subsidiary balances on certain operating segments included in total and average segment assets; and • Elimination of intercompany due to and due from balances on certain operating segments that are included in total and average segment assets. Three Months Ended June 30, 2019 (in thousands) IBERIABANK Mortgage LTC Consolidated Interest and dividend income $ 334,055 $ 1,912 $ — $ 335,967 Interest expense 80,628 — — 80,628 Net interest income 253,427 1,912 — 255,339 Provision for (reversal of) credit losses 10,742 13 — 10,755 Mortgage income — 18,444 — 18,444 Title revenue — — 6,895 6,895 Other non-interest income (expense) 33,496 (10 ) — 33,486 Allocated expenses (income) (4,414 ) 3,250 1,164 — Non-interest expense 151,139 13,590 4,889 169,618 Income before income tax expense 129,456 3,493 842 133,791 Income tax expense 31,134 836 223 32,193 Net income $ 98,322 $ 2,657 $ 619 $ 101,598 Total loans, leases, and loans held for sale, net of unearned income $ 23,330,738 $ 212,560 $ — $ 23,543,298 Total assets 31,165,205 255,106 26,221 31,446,532 Total deposits 24,279,416 15,915 — 24,295,331 Average assets 31,024,832 221,891 25,099 31,271,822 Three Months Ended June 30, 2018 (in thousands) IBERIABANK Mortgage LTC Consolidated Interest and dividend income $ 302,387 $ 1,436 $ — $ 303,823 Interest expense 47,710 — — 47,710 Net interest income 254,677 1,436 — 256,113 Provision for (reversal of) credit losses 7,715 (19 ) — 7,696 Mortgage income — 13,721 — 13,721 Title revenue — — 6,846 6,846 Other non-interest income (expense) 33,481 (105 ) (3 ) 33,373 Allocated expenses (income) (3,873 ) 2,868 1,005 — Non-interest expense 179,831 11,966 4,979 196,776 Income before income tax expense 104,485 237 859 105,581 Income tax expense 30,211 17 229 30,457 Net income $ 74,274 $ 220 $ 630 $ 75,124 Total loans, leases, and loans held for sale, net of unearned income $ 22,026,914 $ 127,712 $ — $ 22,154,626 Total assets 29,928,360 173,415 24,387 30,126,162 Total deposits 23,419,382 11,076 — 23,430,458 Average assets 29,599,468 148,210 23,174 29,770,852 Six Months Ended June 30, 2019 (in thousands) IBERIABANK Mortgage LTC Consolidated Interest and dividend income $ 658,699 $ 3,351 $ 1 $ 662,051 Interest expense 156,228 — — 156,228 Net interest income 502,471 3,351 1 505,823 Provision for (reversal of) credit losses 24,565 (47 ) — 24,518 Mortgage income — 30,293 — 30,293 Title revenue — — 12,120 12,120 Other non-interest income (expense) 68,959 (22 ) (16 ) 68,921 Allocated expenses (income) (6,447 ) 4,750 1,697 — Non-interest expense 294,894 24,131 9,346 328,371 Income before income tax expense 258,418 4,788 1,062 264,268 Income tax expense 61,109 1,143 287 62,539 Net income $ 197,309 $ 3,645 $ 775 $ 201,729 Total loans, leases, and loans held for sale, net of unearned income $ 23,330,738 $ 212,560 $ — $ 23,543,298 Total assets 31,165,205 255,106 26,221 31,446,532 Total deposits 24,279,416 15,915 — 24,295,331 Average assets 30,838,856 190,205 24,811 31,053,872 Six Months Ended June 30, 2018 (in thousands) IBERIABANK Mortgage LTC Consolidated Interest and dividend income $ 571,162 $ 3,203 $ 1 $ 574,366 Interest expense 85,364 — — 85,364 Net interest income 485,798 3,203 1 489,002 Provision for (reversal of) credit losses 15,931 (24 ) — 15,907 Mortgage income — 23,316 — 23,316 Title revenue — — 11,873 11,873 Other non-interest income (expense) 63,387 (67 ) (3 ) 63,317 Allocated expenses (income) (5,352 ) 4,034 1,318 — Non-interest expense 351,422 23,882 9,543 384,847 Income (loss) before income tax expense 187,184 (1,440 ) 1,010 186,754 Income tax expense (benefit) 48,751 (393 ) (349 ) 48,009 Net income (loss) $ 138,433 $ (1,047 ) $ 1,359 $ 138,745 Total loans, leases, and loans held for sale, net of unearned income $ 22,026,914 $ 127,712 $ — $ 22,154,626 Total assets 29,928,360 173,415 24,387 30,126,162 Total deposits 23,419,382 11,076 — 23,430,458 Average assets 28,766,655 166,872 22,535 28,956,062 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Financial Instruments Outstanding | At June 30, 2019 and December 31, 2018 , respectively, the Company had the following financial instruments outstanding and related reserves, whose contract amounts represent credit risk: (in thousands) June 30, 2019 December 31, 2018 Commitments to extend credit $ 690,267 $ 642,162 Unfunded commitments under lines of credit 7,149,479 6,883,963 Commercial and standby letters of credit 246,622 240,436 Reserve for unfunded lending commitments 15,281 14,830 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands | Jan. 01, 2019 | Jun. 30, 2019 |
Accounting Changes and Error Corrections [Abstract] | ||
Right-of-use assets | $ 94,200 | $ 98,723 |
Lease liability | 118,900 | $ 119,463 |
Liabilities reclassed to right-of-used assets | $ 24,700 |
Investment Securities - Schedul
Investment Securities - Schedule of Amortized Cost and Fair Values of Investment Securities, with Gross Unrealized Gains and Losses (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities | ||
Amortized Cost | $ 4,402,001 | $ 4,843,313 |
Gross Unrealized Gains | 60,870 | 13,648 |
Gross Unrealized Losses | (7,563) | (73,382) |
Estimated Fair Value | 4,455,308 | 4,783,579 |
Schedule of Held-to-maturity Securities | ||
Amortized Cost | 192,917 | 207,446 |
Gross Unrealized Gains | 5,437 | 339 |
Gross Unrealized Losses | (342) | (3,508) |
Estimated Fair Value | 198,012 | 204,277 |
Fair value of securities held as collateral | 2,200,000 | 2,400,000 |
U.S. Government-sponsored enterprise obligations | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 39,859 | 995 |
Gross Unrealized Gains | 341 | 3 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 40,200 | 998 |
Obligations of state and political subdivisions | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 172,160 | 177,566 |
Gross Unrealized Gains | 6,698 | 2,045 |
Gross Unrealized Losses | 0 | (723) |
Estimated Fair Value | 178,858 | 178,888 |
Schedule of Held-to-maturity Securities | ||
Amortized Cost | 175,281 | 188,684 |
Gross Unrealized Gains | 5,407 | 309 |
Gross Unrealized Losses | 0 | (2,497) |
Estimated Fair Value | 180,688 | 186,496 |
Mortgage-backed securities: Residential agency | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 3,341,602 | 3,837,584 |
Gross Unrealized Gains | 32,909 | 8,886 |
Gross Unrealized Losses | (6,364) | (57,073) |
Estimated Fair Value | 3,368,147 | 3,789,397 |
Schedule of Held-to-maturity Securities | ||
Amortized Cost | 17,636 | 18,762 |
Gross Unrealized Gains | 30 | 30 |
Gross Unrealized Losses | (342) | (1,011) |
Estimated Fair Value | 17,324 | 17,781 |
Mortgage-backed securities: Commercial agency | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 742,760 | 730,148 |
Gross Unrealized Gains | 17,383 | 2,363 |
Gross Unrealized Losses | (1,107) | (14,799) |
Estimated Fair Value | 759,036 | 717,712 |
Other securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 105,620 | 97,020 |
Gross Unrealized Gains | 3,539 | 351 |
Gross Unrealized Losses | (92) | (787) |
Estimated Fair Value | $ 109,067 | $ 96,584 |
Investment Securities - Sched_2
Investment Securities - Schedule of Securities with Gross Unrealized Losses Aggregated by Investment Category (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Gross Unrealized Losses | ||
Less Than Twelve Months | $ 0 | $ (962) |
Twelve Months or More | (7,563) | (72,420) |
Total | (7,563) | (73,382) |
Estimated Fair Value | ||
Less Than Twelve Months | 0 | 237,384 |
Twelve Months or More | 1,153,560 | 2,740,272 |
Total | 1,153,560 | 2,977,656 |
Gross Unrealized Losses | ||
Less than twelve months | 0 | (3) |
Over twelve months | (342) | (3,505) |
Total | (342) | (3,508) |
Estimated Fair Value | ||
Less than twelve months | 0 | 2,059 |
Over twelve months | 17,039 | 169,177 |
Total | 17,039 | 171,236 |
Obligations of state and political subdivisions | ||
Gross Unrealized Losses | ||
Less Than Twelve Months | (9) | |
Twelve Months or More | (714) | |
Total | (723) | |
Estimated Fair Value | ||
Less Than Twelve Months | 4,112 | |
Twelve Months or More | 30,268 | |
Total | 34,380 | |
Gross Unrealized Losses | ||
Less than twelve months | (3) | |
Over twelve months | (2,494) | |
Total | (2,497) | |
Estimated Fair Value | ||
Less than twelve months | 2,059 | |
Over twelve months | 151,699 | |
Total | 153,758 | |
Mortgage-backed securities: Residential agency | ||
Gross Unrealized Losses | ||
Less Than Twelve Months | 0 | (816) |
Twelve Months or More | (6,364) | (56,257) |
Total | (6,364) | (57,073) |
Estimated Fair Value | ||
Less Than Twelve Months | 0 | 197,057 |
Twelve Months or More | 1,026,095 | 2,193,862 |
Total | 1,026,095 | 2,390,919 |
Gross Unrealized Losses | ||
Less than twelve months | 0 | 0 |
Over twelve months | (342) | (1,011) |
Total | (342) | (1,011) |
Estimated Fair Value | ||
Less than twelve months | 0 | 0 |
Over twelve months | 17,039 | 17,478 |
Total | 17,039 | 17,478 |
Mortgage-backed securities: Commercial agency | ||
Gross Unrealized Losses | ||
Less Than Twelve Months | 0 | (43) |
Twelve Months or More | (1,107) | (14,756) |
Total | (1,107) | (14,799) |
Estimated Fair Value | ||
Less Than Twelve Months | 0 | 18,190 |
Twelve Months or More | 122,450 | 483,565 |
Total | 122,450 | 501,755 |
Other securities | ||
Gross Unrealized Losses | ||
Less Than Twelve Months | 0 | (94) |
Twelve Months or More | (92) | (693) |
Total | (92) | (787) |
Estimated Fair Value | ||
Less Than Twelve Months | 0 | 18,025 |
Twelve Months or More | 5,015 | 32,577 |
Total | $ 5,015 | $ 50,602 |
Investment Securities - Additio
Investment Securities - Additional Information on Securities in a Continuous Loss Position (Detail) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019USD ($)Security | Dec. 31, 2018USD ($)Security | |
Schedule of Available-for-sale Securities | ||
Number of debt securities with unrealized losses | Security | 189 | 488 |
Debt securities with unrealized losses (percentage of amortized cost) | 0.67% | 2.38% |
Number of securities | Security | 189 | 441 |
Amortized cost basis | $ 1,178,504 | $ 2,985,374 |
Unrealized loss | $ 7,905 | $ 75,925 |
Mortgage-backed securities: Residential agency | ||
Schedule of Available-for-sale Securities | ||
Number of securities | Security | 159 | 302 |
Amortized cost basis | $ 1,049,840 | $ 2,268,608 |
Unrealized loss | $ 6,706 | $ 57,268 |
Mortgage-backed securities: Commercial agency | ||
Schedule of Available-for-sale Securities | ||
Number of securities | Security | 26 | 72 |
Amortized cost basis | $ 123,557 | $ 498,321 |
Unrealized loss | $ 1,107 | $ 14,756 |
Obligations of state and political subdivisions | ||
Schedule of Available-for-sale Securities | ||
Number of securities | Security | 0 | 60 |
Amortized cost basis | $ 0 | $ 185,175 |
Unrealized loss | $ 0 | $ 3,208 |
Other securities | ||
Schedule of Available-for-sale Securities | ||
Number of securities | Security | 4 | 7 |
Amortized cost basis | $ 5,107 | $ 33,270 |
Unrealized loss | $ 92 | $ 693 |
Investment Securities - Sched_3
Investment Securities - Schedule of Amortized Cost and Estimated Fair Value of Investment Securities by Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Weighted Average Yield | ||
Within one year or less | 3.67% | |
One through five years | 2.66% | |
After five through ten years | 2.72% | |
Over ten years | 2.84% | |
Weighted average yield | 2.82% | |
Amortized Cost | ||
Within one year or less | $ 1,554 | |
One through five years | 112,248 | |
After five through ten years | 769,216 | |
Over ten years | 3,518,983 | |
Amortized Cost | 4,402,001 | $ 4,843,313 |
Estimated Fair Value | ||
Within one year or less | 1,558 | |
One through five years | 113,915 | |
After five through ten years | 789,351 | |
Over ten years | 3,550,484 | |
Estimated fair value | $ 4,455,308 | 4,783,579 |
Weighted Average Yield | ||
Within one year or less | 2.34% | |
One through five years | 2.63% | |
After five through ten years | 2.43% | |
Over ten years | 2.60% | |
Weighted average yield | 2.56% | |
Amortized Cost | ||
Within one year or less | $ 952 | |
One through five years | 4,484 | |
After five through ten years | 45,338 | |
Over ten years | 142,143 | |
Amortized Cost | 192,917 | 207,446 |
Estimated Fair Value | ||
Within one year or less | 955 | |
One through five years | 4,524 | |
After five through ten years | 46,508 | |
Over ten years | 146,025 | |
Estimated fair value | $ 198,012 | $ 204,277 |
Investment Securities - Sched_4
Investment Securities - Schedule of Realized Gains and Losses from Sale of Securities Classified as Available for Sale (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Realized gains | $ 1,297 | $ 30 | $ 1,297 | $ 39 |
Realized losses | (2,311) | (27) | (2,311) | (95) |
Realized gains (losses) | $ (1,014) | $ 3 | $ (1,014) | $ (56) |
Investment Securities - Sched_5
Investment Securities - Schedule of Securities in Other Assets on Company's Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Federal Home Loan Bank (FHLB) stock | $ 108,396 | $ 95,213 |
Federal Reserve Bank Stock | 85,630 | 85,630 |
CRA and Community Development Investment Funds | 2,192 | 1,884 |
Other Investments | 15,319 | 9,709 |
Marketable Securities | $ 211,537 | $ 192,436 |
Loans and Leases - Schedule of
Loans and Leases - Schedule of Non-Covered Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable | ||
Loans and leases, net of unearned income | $ 23,355,311 | $ 22,519,815 |
Commercial loans and leases | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans and leases, net of unearned income | 15,980,029 | 15,125,322 |
Commercial loans and leases | Real estate - construction | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans and leases, net of unearned income | 1,342,984 | 1,196,366 |
Commercial loans and leases | Real estate - owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans and leases, net of unearned income | 2,373,143 | 2,395,822 |
Commercial loans and leases | Real estate - non-owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans and leases, net of unearned income | 6,102,143 | 5,796,117 |
Commercial loans and leases | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans and leases, net of unearned income | 6,161,759 | 5,737,017 |
Residential mortgage loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans and leases, net of unearned income | 4,538,194 | 4,359,156 |
Consumer and other loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans and leases, net of unearned income | 2,837,088 | 3,035,337 |
Consumer and other loans | Home equity | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans and leases, net of unearned income | 2,147,897 | 2,304,694 |
Consumer and other loans | Other | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans and leases, net of unearned income | $ 689,191 | $ 730,643 |
Loans and Leases - Loans (Detai
Loans and Leases - Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable | |||||
Net deferred loan origination fees | $ 30,100 | $ 30,100 | $ 30,200 | ||
Net discount | 114,300 | 114,300 | 136,800 | ||
Deposit liabilities reclassified as loans receivable | 5,600 | 5,600 | 9,200 | ||
Loans with carrying value pledged to secure public deposits and other borrowings | 8,000,000 | 8,000,000 | 7,600,000 | ||
Acquired Loans | |||||
Accounts, Notes, Loans and Financing Receivable | |||||
Net discount | 71,600 | 71,600 | 81,600 | ||
Sabadell United | Non-US | |||||
Accounts, Notes, Loans and Financing Receivable | |||||
Covered loans acquired | 200,900 | 200,900 | $ 202,600 | ||
TDRs Occurring during the Period | TDRs | |||||
Accounts, Notes, Loans and Financing Receivable | |||||
TDRs during period | $ 20,652 | $ 20,108 | 37,409 | $ 46,691 | |
TDRs during period on accrual status | 13,900 | 20,600 | |||
TDRs during period on non-accrual status | $ 23,500 | $ 26,100 |
Loans and Leases - Schedule o_2
Loans and Leases - Schedule of Aging of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | $ 43,872 | $ 59,460 |
Non-accrual Loans | 158,992 | 137,184 |
Acquired Impaired Loans | 209,681 | 169,725 |
Total Loans | 23,355,311 | 22,519,815 |
Non-accrual loans 30-59 days past due | 11,300 | 7,000 |
Non-accrual loans past due 60-89 days | 4,200 | 3,700 |
Non-accrual loans over 90 days past due | 68,600 | 66,900 |
Commercial Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Acquired Impaired Loans | 129,191 | 125,706 |
Total Loans | 15,980,029 | 15,125,322 |
Commercial Loans | Real estate - construction | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 207 | 1,054 |
Non-accrual Loans | 1,188 | 1,094 |
Total Loans | 1,342,984 | 1,196,366 |
Commercial Loans | Real estate - owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 7,274 | 7,167 |
Non-accrual Loans | 15,789 | 10,260 |
Total Loans | 2,373,143 | 2,395,822 |
Commercial Loans | Real estate - non-owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 8,801 | 7,833 |
Non-accrual Loans | 22,028 | 15,898 |
Total Loans | 6,102,143 | 5,796,117 |
Commercial Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 3,472 | 7,012 |
Non-accrual Loans | 48,747 | 57,860 |
Total Loans | 6,161,759 | 5,737,017 |
Residential mortgage loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Acquired Impaired Loans | 41,363 | 6,579 |
Residential mortgage loans | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable | ||
Current | 4,459,706 | 4,290,152 |
Accruing | 11,706 | 17,406 |
Non-accrual Loans | 50,046 | 30,396 |
Total Loans | 4,538,194 | 4,359,156 |
Consumer and Other Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Acquired Impaired Loans | 39,127 | 37,440 |
Consumer and Other Loans | Consumer - Home equity | ||
Accounts, Notes, Loans and Financing Receivable | ||
Current | 2,113,237 | 2,258,659 |
Accruing | 8,739 | 12,692 |
Non-accrual Loans | 18,646 | 18,830 |
Total Loans | 2,147,897 | 2,304,694 |
Consumer and Other Loans | Consumer - Other | ||
Accounts, Notes, Loans and Financing Receivable | ||
Current | 682,860 | 721,231 |
Accruing | 3,673 | 6,296 |
Non-accrual Loans | 2,548 | 2,846 |
Total Loans | 689,191 | 730,643 |
Current or Less Than 30 days past due | ||
Accounts, Notes, Loans and Financing Receivable | ||
Current | 22,844,145 | 21,959,758 |
Current or Less Than 30 days past due | Commercial Loans | Real estate - construction | ||
Accounts, Notes, Loans and Financing Receivable | ||
Current | 1,322,728 | 1,167,795 |
Current or Less Than 30 days past due | Commercial Loans | Real estate - owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Current | 2,285,316 | 2,305,743 |
Current or Less Than 30 days past due | Commercial Loans | Real estate - non-owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Current | 6,007,594 | 5,703,131 |
Current or Less Than 30 days past due | Commercial Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Current | 6,086,983 | 5,645,304 |
Current or Less Than 30 days past due | Residential mortgage loans | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable | ||
Current | 4,393,649 | 4,218,146 |
Current or Less Than 30 days past due | Consumer and Other Loans | Consumer - Home equity | ||
Accounts, Notes, Loans and Financing Receivable | ||
Current | 2,067,280 | 2,200,517 |
Current or Less Than 30 days past due | Consumer and Other Loans | Consumer - Other | ||
Accounts, Notes, Loans and Financing Receivable | ||
Current | 680,595 | 719,122 |
30-59 days | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 27,981 | 38,579 |
30-59 days | Commercial Loans | Real estate - construction | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 207 | 1,054 |
30-59 days | Commercial Loans | Real estate - owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 7,274 | 7,167 |
30-59 days | Commercial Loans | Real estate - non-owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 2,456 | 7,473 |
30-59 days | Commercial Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 3,035 | 5,139 |
30-59 days | Residential mortgage loans | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 4,914 | 2,768 |
30-59 days | Consumer and Other Loans | Consumer - Home equity | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 7,123 | 10,283 |
30-59 days | Consumer and Other Loans | Consumer - Other | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 2,972 | 4,695 |
60-89 days | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 15,040 | 18,753 |
60-89 days | Commercial Loans | Real estate - construction | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 0 | 0 |
60-89 days | Commercial Loans | Real estate - owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 0 | 0 |
60-89 days | Commercial Loans | Real estate - non-owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 6,345 | 360 |
60-89 days | Commercial Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 437 | 1,320 |
60-89 days | Residential mortgage loans | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 5,941 | 13,063 |
60-89 days | Consumer and Other Loans | Consumer - Home equity | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 1,616 | 2,409 |
60-89 days | Consumer and Other Loans | Consumer - Other | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 701 | 1,601 |
Greater than 90 days | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 851 | 2,128 |
Greater than 90 days | Commercial Loans | Real estate - construction | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 0 | 0 |
Greater than 90 days | Commercial Loans | Real estate - owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 0 | 0 |
Greater than 90 days | Commercial Loans | Real estate - non-owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 0 | 0 |
Greater than 90 days | Commercial Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 0 | 553 |
Greater than 90 days | Residential mortgage loans | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 851 | 1,575 |
Greater than 90 days | Consumer and Other Loans | Consumer - Home equity | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 0 | 0 |
Greater than 90 days | Consumer and Other Loans | Consumer - Other | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 0 | 0 |
Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Acquired Impaired Loans | 308,302 | 363,413 |
Acquired Loans | Commercial Loans | Real estate - construction | ||
Accounts, Notes, Loans and Financing Receivable | ||
Acquired Impaired Loans | 18,861 | 26,423 |
Acquired Loans | Commercial Loans | Real estate - owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Acquired Impaired Loans | 64,764 | 72,652 |
Acquired Loans | Commercial Loans | Real estate - non-owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Acquired Impaired Loans | 63,720 | 69,255 |
Acquired Loans | Commercial Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Acquired Impaired Loans | 22,557 | 26,841 |
Acquired Loans | Residential mortgage loans | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable | ||
Acquired Impaired Loans | 82,793 | 93,208 |
Acquired Loans | Consumer and Other Loans | Consumer - Home equity | ||
Accounts, Notes, Loans and Financing Receivable | ||
Acquired Impaired Loans | 53,232 | 72,655 |
Acquired Loans | Consumer and Other Loans | Consumer - Other | ||
Accounts, Notes, Loans and Financing Receivable | ||
Acquired Impaired Loans | $ 2,375 | $ 2,379 |
Loans and Leases - Schedule o_3
Loans and Leases - Schedule of Carrying Amount of Loans Acquired (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Accounts, Notes, Loans and Financing Receivable | |||
Expected losses and foregone interest | $ (161,667) | $ (151,009) | |
Loans acquired with no evidence of deteriorated credit quality | 1,945 | $ 3,143 | |
Related allowance | $ (15,854) | $ (16,342) |
Loans and Leases - Summary of C
Loans and Leases - Summary of Changes in Accretable Yields of Acquired Loans (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of period | $ 133,342 | $ 152,623 |
Additions | 0 | 2,371 |
Transfers from non-accretable difference to accretable yield | (2,563) | (467) |
Accretion | (19,580) | (25,140) |
Changes in expected cash flows not affecting non-accretable differences | (4,341) | 7,597 |
Balance at end of period | $ 106,858 | $ 136,984 |
Loans and Leases - Schedule o_4
Loans and Leases - Schedule of Modified TDRs (Detail) - TDRs Occurring during the Period - TDRs $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($)SecurityLoan | Jun. 30, 2018USD ($)SecurityLoan | Jun. 30, 2019USD ($)SecurityLoan | Jun. 30, 2018USD ($)SecurityLoan | |
Financing Receivable, Modifications | ||||
Number of Loans | SecurityLoan | 82 | 87 | 182 | 145 |
Pre-modification Outstanding Recorded Investment | $ 20,999 | $ 27,761 | $ 46,932 | $ 58,105 |
Recorded investment | $ 12,023 | $ 5,482 | $ 14,923 | $ 22,694 |
Number of loans | SecurityLoan | 96 | 61 | 138 | 126 |
Extended maturities | $ 7,633 | $ 1,790 | $ 11,175 | $ 7,193 |
Maturity and interest rate adjustment | 224 | 0 | 617 | 102 |
Movement to or extension of interest-rate only payments | 1,771 | 1,316 | 1,783 | 1,364 |
Interest rate adjustment | 74 | 0 | 74 | 103 |
Financing Receivable Modifications Forbearance | 0 | 1,405 | 5,742 | 13,936 |
Other concession(s) | 10,950 | 15,597 | 18,018 | 23,993 |
TDRs during period | 20,652 | 20,108 | $ 37,409 | $ 46,691 |
Commercial Loans | Real estate - construction | ||||
Financing Receivable, Modifications | ||||
Number of Loans | SecurityLoan | 1 | 1 | ||
Pre-modification Outstanding Recorded Investment | $ 39 | $ 1,950 | ||
Recorded investment | $ 37 | $ 0 | $ 37 | $ 0 |
Number of loans | SecurityLoan | 1 | 0 | 1 | 0 |
TDRs during period | $ 37 | $ 1,013 | ||
Commercial Loans | Real estate - owner-occupied | ||||
Financing Receivable, Modifications | ||||
Number of Loans | SecurityLoan | 4 | 5 | 6 | 7 |
Pre-modification Outstanding Recorded Investment | $ 339 | $ 2,230 | $ 1,435 | $ 12,921 |
Recorded investment | $ 1,232 | $ 461 | $ 1,232 | $ 9,455 |
Number of loans | SecurityLoan | 4 | 5 | 6 | 6 |
TDRs during period | $ 338 | $ 2,201 | $ 1,402 | $ 11,290 |
Commercial Loans | Real estate - non-owner-occupied | ||||
Financing Receivable, Modifications | ||||
Number of Loans | SecurityLoan | 7 | 5 | 13 | 14 |
Pre-modification Outstanding Recorded Investment | $ 4,687 | $ 823 | $ 7,756 | $ 1,912 |
Recorded investment | $ 2,341 | $ 1,448 | $ 2,913 | $ 1,813 |
Number of loans | SecurityLoan | 11 | 9 | 17 | 15 |
TDRs during period | $ 4,628 | $ 780 | $ 7,651 | $ 1,854 |
Commercial Loans | Commercial and industrial | ||||
Financing Receivable, Modifications | ||||
Number of Loans | SecurityLoan | 19 | 16 | 38 | 32 |
Pre-modification Outstanding Recorded Investment | $ 13,757 | $ 21,103 | $ 29,785 | $ 35,338 |
Recorded investment | $ 5,475 | $ 1,437 | $ 6,152 | $ 7,100 |
Number of loans | SecurityLoan | 17 | 8 | 25 | 21 |
TDRs during period | $ 13,607 | $ 13,618 | $ 20,670 | $ 26,684 |
Residential mortgage loans | Residential mortgage | ||||
Financing Receivable, Modifications | ||||
Number of Loans | SecurityLoan | 10 | 7 | 19 | 7 |
Pre-modification Outstanding Recorded Investment | $ 847 | $ 688 | $ 1,687 | $ 688 |
Recorded investment | $ 1,012 | $ 775 | $ 1,597 | $ 1,081 |
Number of loans | SecurityLoan | 12 | 7 | 21 | 10 |
TDRs during period | $ 836 | $ 633 | $ 1,669 | $ 633 |
Consumer and Other Loans | Consumer - Home equity | ||||
Financing Receivable, Modifications | ||||
Number of Loans | SecurityLoan | 22 | 19 | 54 | 33 |
Pre-modification Outstanding Recorded Investment | $ 1,159 | $ 2,361 | $ 5,312 | $ 4,170 |
Recorded investment | $ 1,411 | $ 1,129 | $ 2,401 | $ 2,242 |
Number of loans | SecurityLoan | 17 | 11 | 27 | 26 |
TDRs during period | $ 1,056 | $ 2,350 | $ 5,137 | $ 4,133 |
Consumer and Other Loans | Consumer - Other | ||||
Financing Receivable, Modifications | ||||
Number of Loans | SecurityLoan | 20 | 35 | 51 | 51 |
Pre-modification Outstanding Recorded Investment | $ 210 | $ 556 | $ 918 | $ 1,126 |
Recorded investment | $ 515 | $ 232 | $ 591 | $ 1,003 |
Number of loans | SecurityLoan | 34 | 21 | 41 | 48 |
TDRs during period | $ 187 | $ 526 | $ 843 | $ 1,084 |
Loans and Leases - Schedule o_5
Loans and Leases - Schedule of Subsequently Defaulted TDRs (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($)SecurityLoan | Jun. 30, 2018USD ($)SecurityLoan | Jun. 30, 2019USD ($)SecurityLoan | Jun. 30, 2018USD ($)SecurityLoan | |
Accounts, Notes, Loans and Financing Receivable | ||||
Threshold period for loans in default (in days) | 30 days | |||
TDRs | TDRs Occurring during the Period | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Number of Loans | SecurityLoan | 82 | 87 | 182 | 145 |
Pre-modification Outstanding Recorded Investment | $ 20,999 | $ 27,761 | $ 46,932 | $ 58,105 |
Post-modification Outstanding Recorded Investment | $ 20,652 | $ 20,108 | $ 37,409 | $ 46,691 |
Number of loans | SecurityLoan | 96 | 61 | 138 | 126 |
Recorded investment | $ 12,023 | $ 5,482 | $ 14,923 | $ 22,694 |
TDRs | Commercial Loans | Real estate - construction | TDRs Occurring during the Period | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Number of Loans | SecurityLoan | 1 | 1 | ||
Pre-modification Outstanding Recorded Investment | $ 39 | $ 1,950 | ||
Post-modification Outstanding Recorded Investment | $ 37 | $ 1,013 | ||
Number of loans | SecurityLoan | 1 | 0 | 1 | 0 |
Recorded investment | $ 37 | $ 0 | $ 37 | $ 0 |
TDRs | Commercial Loans | Real estate - owner-occupied | TDRs Occurring during the Period | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Number of Loans | SecurityLoan | 4 | 5 | 6 | 7 |
Pre-modification Outstanding Recorded Investment | $ 339 | $ 2,230 | $ 1,435 | $ 12,921 |
Post-modification Outstanding Recorded Investment | $ 338 | $ 2,201 | $ 1,402 | $ 11,290 |
Number of loans | SecurityLoan | 4 | 5 | 6 | 6 |
Recorded investment | $ 1,232 | $ 461 | $ 1,232 | $ 9,455 |
TDRs | Commercial Loans | Real estate - non-owner-occupied | TDRs Occurring during the Period | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Number of Loans | SecurityLoan | 7 | 5 | 13 | 14 |
Pre-modification Outstanding Recorded Investment | $ 4,687 | $ 823 | $ 7,756 | $ 1,912 |
Post-modification Outstanding Recorded Investment | $ 4,628 | $ 780 | $ 7,651 | $ 1,854 |
Number of loans | SecurityLoan | 11 | 9 | 17 | 15 |
Recorded investment | $ 2,341 | $ 1,448 | $ 2,913 | $ 1,813 |
TDRs | Commercial Loans | Commercial and industrial | TDRs Occurring during the Period | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Number of Loans | SecurityLoan | 19 | 16 | 38 | 32 |
Pre-modification Outstanding Recorded Investment | $ 13,757 | $ 21,103 | $ 29,785 | $ 35,338 |
Post-modification Outstanding Recorded Investment | $ 13,607 | $ 13,618 | $ 20,670 | $ 26,684 |
Number of loans | SecurityLoan | 17 | 8 | 25 | 21 |
Recorded investment | $ 5,475 | $ 1,437 | $ 6,152 | $ 7,100 |
TDRs | Residential mortgage loans | Residential mortgage | TDRs Occurring during the Period | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Number of Loans | SecurityLoan | 10 | 7 | 19 | 7 |
Pre-modification Outstanding Recorded Investment | $ 847 | $ 688 | $ 1,687 | $ 688 |
Post-modification Outstanding Recorded Investment | $ 836 | $ 633 | $ 1,669 | $ 633 |
Number of loans | SecurityLoan | 12 | 7 | 21 | 10 |
Recorded investment | $ 1,012 | $ 775 | $ 1,597 | $ 1,081 |
TDRs | Consumer and Other Loans | Consumer - Home equity | TDRs Occurring during the Period | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Number of Loans | SecurityLoan | 22 | 19 | 54 | 33 |
Pre-modification Outstanding Recorded Investment | $ 1,159 | $ 2,361 | $ 5,312 | $ 4,170 |
Post-modification Outstanding Recorded Investment | $ 1,056 | $ 2,350 | $ 5,137 | $ 4,133 |
Number of loans | SecurityLoan | 17 | 11 | 27 | 26 |
Recorded investment | $ 1,411 | $ 1,129 | $ 2,401 | $ 2,242 |
TDRs | Consumer and Other Loans | Consumer - Other | TDRs Occurring during the Period | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Number of Loans | SecurityLoan | 20 | 35 | 51 | 51 |
Pre-modification Outstanding Recorded Investment | $ 210 | $ 556 | $ 918 | $ 1,126 |
Post-modification Outstanding Recorded Investment | $ 187 | $ 526 | $ 843 | $ 1,084 |
Number of loans | SecurityLoan | 34 | 21 | 41 | 48 |
Recorded investment | $ 515 | $ 232 | $ 591 | $ 1,003 |
Allowance for Credit Losses a_3
Allowance for Credit Losses and Credit Quality - Schedule of Allowance for Loan Losses for Covered and Non-Covered Loan Portfolios (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Allowance for credit losses | ||
Allowance for loan and lease losses at beginning of period | $ 140,571 | $ 140,891 |
Provision for loan and lease losses | 24,067 | 15,581 |
Transfer of balance to OREO and other | (2,863) | (3,943) |
Charge-offs | (19,194) | (22,734) |
Recoveries | 3,805 | 6,781 |
Allowance for loan and lease losses at end of period | 146,386 | 136,576 |
Reserve For Unfunded Commitments | ||
Reserve for unfunded commitments at beginning of period | 14,830 | 13,208 |
Balance created in acquisition accounting | 0 | 900 |
Provision for unfunded lending commitments | 451 | 325 |
Reserve for unfunded commitments at end of period | 15,281 | 14,433 |
Allowance for credit losses at end of period | $ 161,667 | $ 151,009 |
Allowance for Credit Losses a_4
Allowance for Credit Losses and Credit Quality - Schedule of Allowance for Loan Losses for Legacy and Acquired Loans, by Loan Portfolio (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Financing Receivable, Allowance for Credit Losses | ||
Allowance for loan and lease losses at beginning of period | $ 140,571 | $ 140,891 |
Provision for (Reversal of) loan and lease losses | 24,067 | 15,581 |
Transfer of balance to OREO and other | (2,863) | (3,943) |
Charge-offs | (19,194) | (22,734) |
Recoveries | 3,805 | 6,781 |
Allowance for loan and lease losses at end of period | 146,386 | 136,576 |
Financing Receivable, Reserve For Unfunded Commitments | ||
Reserve for unfunded commitments at beginning of period | 14,830 | 13,208 |
Balance created in acquisition accounting | 900 | |
Provision for (Reversal of) unfunded commitments | 451 | 325 |
Reserve for unfunded commitments at end of period | 15,281 | 14,433 |
Allowance on loans individually evaluated for impairment | 15,854 | 17,587 |
Allowance on loans collectively evaluated for impairment | 119,240 | 103,861 |
Allowance on loans acquired with deteriorated credit quality | 161,667 | 151,009 |
Loans and leases, net of unearned income: | ||
Balance at end of period | 23,355,311 | 22,075,783 |
Balance at end of period individually evaluated for impairment | 209,681 | 192,323 |
Balance at end of period collectively evaluated for impairment | 22,837,328 | 21,445,962 |
Commercial Loans | Real Estate | ||
Financing Receivable, Allowance for Credit Losses | ||
Allowance for loan and lease losses at beginning of period | 51,806 | 54,201 |
Provision for (Reversal of) loan and lease losses | 15,204 | (3,404) |
Transfer of balance to OREO and other | (256) | (506) |
Charge-offs | (641) | (1,258) |
Recoveries | 318 | 384 |
Allowance for loan and lease losses at end of period | 66,431 | 49,417 |
Financing Receivable, Reserve For Unfunded Commitments | ||
Reserve for unfunded commitments at beginning of period | 4,869 | 4,531 |
Balance created in acquisition accounting | 129 | |
Provision for (Reversal of) unfunded commitments | 603 | 467 |
Reserve for unfunded commitments at end of period | 5,472 | 5,127 |
Allowance on loans individually evaluated for impairment | 4,673 | 2,274 |
Allowance on loans collectively evaluated for impairment | 56,251 | 40,763 |
Loans and leases, net of unearned income: | ||
Balance at end of period | 9,818,270 | 9,292,304 |
Balance at end of period individually evaluated for impairment | 74,331 | 84,217 |
Balance at end of period collectively evaluated for impairment | 9,596,594 | 9,017,756 |
Commercial Loans | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses | ||
Allowance for loan and lease losses at beginning of period | 54,096 | 53,916 |
Provision for (Reversal of) loan and lease losses | 5,077 | 10,083 |
Transfer of balance to OREO and other | (1) | (18) |
Charge-offs | (11,880) | (13,575) |
Recoveries | 1,796 | 4,403 |
Allowance for loan and lease losses at end of period | 49,088 | 54,809 |
Financing Receivable, Reserve For Unfunded Commitments | ||
Reserve for unfunded commitments at beginning of period | 6,198 | 5,309 |
Balance created in acquisition accounting | 81 | |
Provision for (Reversal of) unfunded commitments | (313) | (306) |
Reserve for unfunded commitments at end of period | 5,885 | 5,084 |
Allowance on loans individually evaluated for impairment | 7,656 | 11,946 |
Allowance on loans collectively evaluated for impairment | 39,854 | 40,540 |
Loans and leases, net of unearned income: | ||
Balance at end of period | 6,161,759 | 5,512,416 |
Balance at end of period individually evaluated for impairment | 54,860 | 66,683 |
Balance at end of period collectively evaluated for impairment | 6,084,342 | 5,415,093 |
Residential mortgage loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Allowance for loan and lease losses at beginning of period | 12,998 | 9,117 |
Provision for (Reversal of) loan and lease losses | (584) | 1,112 |
Transfer of balance to OREO and other | (2,862) | 6 |
Charge-offs | (168) | (196) |
Recoveries | 157 | 44 |
Allowance for loan and lease losses at end of period | 9,541 | 10,083 |
Financing Receivable, Reserve For Unfunded Commitments | ||
Reserve for unfunded commitments at beginning of period | 866 | 555 |
Balance created in acquisition accounting | 0 | |
Provision for (Reversal of) unfunded commitments | (206) | 160 |
Reserve for unfunded commitments at end of period | 660 | 715 |
Allowance on loans individually evaluated for impairment | 349 | 168 |
Allowance on loans collectively evaluated for impairment | 5,127 | 3,816 |
Loans and leases, net of unearned income: | ||
Balance at end of period | 4,538,194 | 4,124,538 |
Balance at end of period individually evaluated for impairment | 41,363 | 5,873 |
Balance at end of period collectively evaluated for impairment | 4,414,038 | 3,984,086 |
Consumer and Other Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Allowance for loan and lease losses at beginning of period | 21,671 | 23,657 |
Provision for (Reversal of) loan and lease losses | 4,370 | 7,790 |
Transfer of balance to OREO and other | 256 | (3,425) |
Charge-offs | (6,505) | (7,705) |
Recoveries | 1,534 | 1,950 |
Allowance for loan and lease losses at end of period | 21,326 | 22,267 |
Financing Receivable, Reserve For Unfunded Commitments | ||
Reserve for unfunded commitments at beginning of period | 2,897 | 2,813 |
Balance created in acquisition accounting | 690 | |
Provision for (Reversal of) unfunded commitments | 367 | 4 |
Reserve for unfunded commitments at end of period | 3,264 | 3,507 |
Allowance on loans individually evaluated for impairment | 3,176 | 3,199 |
Allowance on loans collectively evaluated for impairment | 18,008 | 18,742 |
Loans and leases, net of unearned income: | ||
Balance at end of period | 2,837,088 | 3,146,525 |
Balance at end of period individually evaluated for impairment | 39,127 | 35,550 |
Balance at end of period collectively evaluated for impairment | 2,742,354 | 3,029,027 |
Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Reserve For Unfunded Commitments | ||
Allowance on loans acquired with deteriorated credit quality | 11,292 | 15,128 |
Loans and leases, net of unearned income: | ||
Balance at end of period acquired with deteriorated credit quality | 308,302 | 437,498 |
Receivables Acquired with Deteriorated Credit Quality | Commercial Loans | Real Estate | ||
Financing Receivable, Reserve For Unfunded Commitments | ||
Allowance on loans acquired with deteriorated credit quality | 5,507 | 6,380 |
Loans and leases, net of unearned income: | ||
Balance at end of period acquired with deteriorated credit quality | 147,345 | 190,331 |
Receivables Acquired with Deteriorated Credit Quality | Commercial Loans | Commercial and industrial | ||
Financing Receivable, Reserve For Unfunded Commitments | ||
Allowance on loans acquired with deteriorated credit quality | 1,578 | 2,323 |
Loans and leases, net of unearned income: | ||
Balance at end of period acquired with deteriorated credit quality | 22,557 | 30,640 |
Receivables Acquired with Deteriorated Credit Quality | Residential mortgage loans | ||
Financing Receivable, Reserve For Unfunded Commitments | ||
Allowance on loans acquired with deteriorated credit quality | 4,065 | 6,099 |
Loans and leases, net of unearned income: | ||
Balance at end of period acquired with deteriorated credit quality | 82,793 | 134,579 |
Receivables Acquired with Deteriorated Credit Quality | Consumer and Other Loans | ||
Financing Receivable, Reserve For Unfunded Commitments | ||
Allowance on loans acquired with deteriorated credit quality | 142 | 326 |
Loans and leases, net of unearned income: | ||
Balance at end of period acquired with deteriorated credit quality | $ 55,607 | $ 81,948 |
Allowance for Credit Losses a_5
Allowance for Credit Losses and Credit Quality - Investment in Legacy and Acquired Loans by Credit Quality Indicator (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Losses | ||
Total Loans | $ 23,355,311 | $ 22,519,815 |
Commercial Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Total Loans | 15,980,029 | 15,125,322 |
Commercial Loans | Real estate - construction | ||
Financing Receivable, Allowance for Credit Losses | ||
Total Loans | 1,342,984 | 1,196,366 |
Commercial Loans | Real estate - owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Total Loans | 2,373,143 | 2,395,822 |
Commercial Loans | Real estate - non-owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Total Loans | 6,102,143 | 5,796,117 |
Commercial Loans | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses | ||
Total Loans | 6,161,759 | 5,737,017 |
Residential and Consumer Portfolio | ||
Financing Receivable, Allowance for Credit Losses | ||
Current | 7,255,803 | 7,270,042 |
30 or more days past due | 119,479 | 124,451 |
Total Loans | 7,375,282 | 7,394,493 |
Residential mortgage loans | Residential mortgage | ||
Financing Receivable, Allowance for Credit Losses | ||
Current | 4,459,706 | 4,290,152 |
30 or more days past due | 78,488 | 69,004 |
Total Loans | 4,538,194 | 4,359,156 |
Consumer and Other Loans | Consumer - Home equity | ||
Financing Receivable, Allowance for Credit Losses | ||
Current | 2,113,237 | 2,258,659 |
30 or more days past due | 34,660 | 46,035 |
Total Loans | 2,147,897 | 2,304,694 |
Consumer and Other Loans | Consumer - Other | ||
Financing Receivable, Allowance for Credit Losses | ||
Current | 682,860 | 721,231 |
30 or more days past due | 6,331 | 9,412 |
Total Loans | 689,191 | 730,643 |
Pass | Commercial Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 15,658,849 | 14,785,998 |
Pass | Commercial Loans | Real estate - construction | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 1,320,007 | 1,182,554 |
Pass | Commercial Loans | Real estate - owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 2,308,176 | 2,328,999 |
Pass | Commercial Loans | Real estate - non-owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 6,011,800 | 5,687,963 |
Pass | Commercial Loans | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 6,018,866 | 5,586,482 |
Special Mention | Commercial Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 138,774 | 157,229 |
Special Mention | Commercial Loans | Real estate - construction | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 12,262 | 1,062 |
Special Mention | Commercial Loans | Real estate - owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 25,114 | 25,526 |
Special Mention | Commercial Loans | Real estate - non-owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 48,323 | 78,009 |
Special Mention | Commercial Loans | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 53,075 | 52,632 |
Substandard | Commercial Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 161,340 | 154,402 |
Substandard | Commercial Loans | Real estate - construction | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 10,715 | 12,740 |
Substandard | Commercial Loans | Real estate - owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 37,126 | 41,297 |
Substandard | Commercial Loans | Real estate - non-owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 39,832 | 26,512 |
Substandard | Commercial Loans | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 73,667 | 73,853 |
Doubtful | Commercial Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 21,066 | 27,693 |
Doubtful | Commercial Loans | Real estate - construction | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 0 | 10 |
Doubtful | Commercial Loans | Real estate - owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 2,727 | 0 |
Doubtful | Commercial Loans | Real estate - non-owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 2,188 | 3,633 |
Doubtful | Commercial Loans | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | $ 16,151 | $ 24,050 |
Allowance for Credit Losses a_6
Allowance for Credit Losses and Credit Quality - Schedule of Investment in Legacy Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Financing Receivable, Impaired | |||||
Unpaid Principal Balance | $ 231,852 | $ 231,852 | $ 209,746 | ||
Recorded Investment | 209,681 | 209,681 | 169,725 | ||
Related allowance | (15,854) | (15,854) | (16,342) | ||
Average Recorded Investment | 211,628 | $ 198,792 | 204,202 | $ 200,080 | |
Interest Income Recognized | 1,920 | 1,630 | 3,767 | 3,586 | |
Commercial Loans | |||||
Financing Receivable, Impaired | |||||
Unpaid Principal Balance | 149,106 | 149,106 | 164,209 | ||
Recorded Investment | 129,191 | 129,191 | 125,706 | ||
Related allowance | (12,329) | (12,329) | (13,282) | ||
Average Recorded Investment | 135,250 | 157,138 | 136,636 | 158,760 | |
Interest Income Recognized | 1,195 | 1,171 | 2,396 | 2,676 | |
Residential mortgage loans | |||||
Financing Receivable, Impaired | |||||
Unpaid Principal Balance | 42,814 | 42,814 | 7,114 | ||
Recorded Investment | 41,363 | 41,363 | 6,579 | ||
Related allowance | (349) | (349) | (145) | ||
Average Recorded Investment | 36,962 | 5,929 | 28,685 | 5,958 | |
Interest Income Recognized | 308 | 60 | 543 | 119 | |
Consumer and Other Loans | |||||
Financing Receivable, Impaired | |||||
Unpaid Principal Balance | 39,932 | 39,932 | 38,423 | ||
Recorded Investment | 39,127 | 39,127 | 37,440 | ||
Related allowance | (3,176) | (3,176) | (2,915) | ||
Average Recorded Investment | 39,416 | 35,725 | 38,881 | 35,362 | |
Interest Income Recognized | 417 | 399 | 828 | 791 | |
With No Related Allowance Recorded | Commercial Loans | Real estate - construction | |||||
Financing Receivable, Impaired | |||||
Unpaid Principal Balance | 12,138 | 12,138 | 10,261 | ||
Recorded Investment | 11,139 | 11,139 | 9,262 | ||
Average Recorded Investment | 21,339 | 12,952 | 21,340 | 12,597 | |
Interest Income Recognized | 341 | 198 | 678 | 393 | |
With No Related Allowance Recorded | Commercial Loans | Real estate - owner-occupied | |||||
Financing Receivable, Impaired | |||||
Unpaid Principal Balance | 27,142 | 27,142 | 25,037 | ||
Recorded Investment | 27,064 | 27,064 | 19,044 | ||
Average Recorded Investment | 24,134 | 30,899 | 27,314 | 31,265 | |
Interest Income Recognized | 326 | 209 | 569 | 609 | |
With No Related Allowance Recorded | Commercial Loans | Real estate - non-owner-occupied | |||||
Financing Receivable, Impaired | |||||
Unpaid Principal Balance | 21,234 | 21,234 | 15,265 | ||
Recorded Investment | 20,271 | 20,271 | 14,288 | ||
Average Recorded Investment | 20,305 | 15,929 | 20,360 | 16,558 | |
Interest Income Recognized | 100 | 121 | 207 | 250 | |
With No Related Allowance Recorded | Commercial Loans | Commercial and industrial | |||||
Financing Receivable, Impaired | |||||
Unpaid Principal Balance | 33,989 | 33,989 | 55,554 | ||
Recorded Investment | 30,157 | 30,157 | 43,886 | ||
Average Recorded Investment | 29,315 | 37,859 | 29,816 | 37,806 | |
Interest Income Recognized | 151 | 389 | 331 | 836 | |
With No Related Allowance Recorded | Commercial Loans | Residential mortgage | |||||
Financing Receivable, Impaired | |||||
Unpaid Principal Balance | 32,448 | 32,448 | 1,244 | ||
Recorded Investment | 31,645 | 31,645 | 1,221 | ||
Average Recorded Investment | 27,129 | 1,272 | 18,804 | 1,280 | |
Interest Income Recognized | 235 | 13 | 374 | 27 | |
With No Related Allowance Recorded | Consumer and Other Loans | Consumer - Home equity | |||||
Financing Receivable, Impaired | |||||
Unpaid Principal Balance | 1,995 | 1,995 | 4,183 | ||
Recorded Investment | 1,998 | 1,998 | 4,176 | ||
Average Recorded Investment | 1,998 | 1,910 | 1,943 | 1,922 | |
Interest Income Recognized | 22 | 28 | 44 | 52 | |
With No Related Allowance Recorded | Consumer and Other Loans | Consumer - Other | |||||
Financing Receivable, Impaired | |||||
Unpaid Principal Balance | 0 | 0 | 0 | ||
Recorded Investment | 0 | 0 | 0 | ||
With An Allowance Recorded | Commercial Loans | Real estate - construction | |||||
Financing Receivable, Impaired | |||||
Unpaid Principal Balance | 140 | 140 | 228 | ||
Recorded Investment | 127 | 127 | 140 | ||
Related allowance | (2) | (2) | (11) | ||
Average Recorded Investment | 131 | 152 | 135 | 152 | |
Interest Income Recognized | 1 | 0 | 2 | 0 | |
With An Allowance Recorded | Commercial Loans | Real estate - owner-occupied | |||||
Financing Receivable, Impaired | |||||
Unpaid Principal Balance | 8,811 | 8,811 | 5,032 | ||
Recorded Investment | 8,248 | 8,248 | 4,773 | ||
Related allowance | (4,061) | (4,061) | (520) | ||
Average Recorded Investment | 8,578 | 19,582 | 8,628 | 19,696 | |
Interest Income Recognized | 57 | 82 | 116 | 192 | |
With An Allowance Recorded | Commercial Loans | Real estate - non-owner-occupied | |||||
Financing Receivable, Impaired | |||||
Unpaid Principal Balance | 7,683 | 7,683 | 6,445 | ||
Recorded Investment | 7,482 | 7,482 | 6,398 | ||
Related allowance | (610) | (610) | (105) | ||
Average Recorded Investment | 7,557 | 1,631 | 7,643 | 1,705 | |
Interest Income Recognized | 42 | 14 | 122 | 39 | |
With An Allowance Recorded | Commercial Loans | Commercial and industrial | |||||
Financing Receivable, Impaired | |||||
Unpaid Principal Balance | 37,969 | 37,969 | 46,387 | ||
Recorded Investment | 24,703 | 24,703 | 27,915 | ||
Related allowance | (7,656) | (7,656) | (12,646) | ||
Average Recorded Investment | 23,891 | 38,134 | 21,400 | 38,981 | |
Interest Income Recognized | 177 | 158 | 371 | 357 | |
With An Allowance Recorded | Residential mortgage loans | Residential mortgage | |||||
Financing Receivable, Impaired | |||||
Unpaid Principal Balance | 10,366 | 10,366 | 5,870 | ||
Recorded Investment | 9,718 | 9,718 | 5,358 | ||
Related allowance | (349) | (349) | (145) | ||
Average Recorded Investment | 9,833 | 4,657 | 9,881 | 4,678 | |
Interest Income Recognized | 73 | 47 | 169 | 92 | |
With An Allowance Recorded | Consumer and Other Loans | Consumer - Home equity | |||||
Financing Receivable, Impaired | |||||
Unpaid Principal Balance | 33,194 | 33,194 | 29,284 | ||
Recorded Investment | 32,702 | 32,702 | 28,818 | ||
Related allowance | (2,662) | (2,662) | (2,427) | ||
Average Recorded Investment | 32,885 | 28,595 | 32,341 | 28,173 | |
Interest Income Recognized | 332 | 304 | 656 | 600 | |
With An Allowance Recorded | Consumer and Other Loans | Consumer - Other | |||||
Financing Receivable, Impaired | |||||
Unpaid Principal Balance | 4,743 | 4,743 | 4,956 | ||
Recorded Investment | 4,427 | 4,427 | 4,446 | ||
Related allowance | (514) | (514) | $ (488) | ||
Average Recorded Investment | 4,533 | 5,220 | 4,597 | 5,267 | |
Interest Income Recognized | $ 63 | $ 67 | $ 128 | $ 139 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Goodwill | ||
Balance at beginning of the period | $ 1,235,533 | $ 1,188,902 |
Goodwill acquired and adjustments during the year | 0 | 46,631 |
Balance at end of the period | 1,235,533 | 1,235,533 |
Operating Segments | IBERIABANK | ||
Goodwill | ||
Balance at beginning of the period | 1,203,810 | 1,160,559 |
Goodwill acquired and adjustments during the year | 0 | 43,251 |
Balance at end of the period | 1,203,810 | 1,203,810 |
Operating Segments | IMC | ||
Goodwill | ||
Balance at beginning of the period | 23,178 | 23,178 |
Goodwill acquired and adjustments during the year | 0 | 0 |
Balance at end of the period | 23,178 | 23,178 |
Operating Segments | LTC | ||
Goodwill | ||
Balance at beginning of the period | 8,545 | 5,165 |
Goodwill acquired and adjustments during the year | 0 | 3,380 |
Balance at end of the period | $ 8,545 | $ 8,545 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Schedule of Mortgage Servicing Rights at Carrying Value (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 137,774 | $ 137,774 |
Accumulated Amortization | (74,318) | (64,608) |
Net Carrying Amount | 63,456 | 73,166 |
Mortgage servicing rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 16,885 | 13,612 |
Accumulated Amortization | (5,486) | (4,806) |
Net Carrying Amount | $ 11,399 | $ 8,806 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Narrative (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Title plant assets | $ 6.8 | $ 6.8 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Schedule of Definite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 137,774 | $ 137,774 |
Accumulated Amortization | (74,318) | (64,608) |
Net Carrying Amount | 63,456 | 73,166 |
Core deposit intangible assets | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 136,183 | 136,183 |
Accumulated Amortization | (72,870) | (63,213) |
Net Carrying Amount | 63,313 | 72,970 |
Customer relationship intangible asset | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,385 | 1,385 |
Accumulated Amortization | (1,354) | (1,323) |
Net Carrying Amount | 31 | 62 |
Non-compete agreement | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 206 | 206 |
Accumulated Amortization | (94) | (72) |
Net Carrying Amount | $ 112 | $ 134 |
Derivative Instruments and Ot_3
Derivative Instruments and Other Hedging Activities - Schedule of Outstanding Derivative Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Derivative Assets - Fair Value | $ 107,747 | $ 27,048 |
Derivative Liabilities - Fair Value | 12,599 | 22,124 |
Designated as Hedging Instruments | ||
Derivative [Line Items] | ||
Derivative Assets - Fair Value | 21,015 | 3,469 |
Derivative Liabilities - Fair Value | 0 | 0 |
Other Assets | Designated as Hedging Instruments | Interest rate contracts | ||
Derivative [Line Items] | ||
Derivative Assets - Fair Value | 21,015 | 3,469 |
Other Assets | Not Designated as Hedging Instruments | ||
Derivative [Line Items] | ||
Derivative Assets - Fair Value | 86,732 | 23,579 |
Other Assets | Not Designated as Hedging Instruments | Interest rate contracts | ||
Derivative [Line Items] | ||
Derivative Assets - Fair Value | 76,944 | 16,946 |
Other Assets | Not Designated as Hedging Instruments | Customer swaps - upstream | ||
Derivative [Line Items] | ||
Derivative Assets - Fair Value | 24 | 474 |
Other Assets | Not Designated as Hedging Instruments | Foreign exchange contracts | ||
Derivative [Line Items] | ||
Derivative Assets - Fair Value | 0 | 18 |
Other Assets | Not Designated as Hedging Instruments | Forward sales contracts | ||
Derivative [Line Items] | ||
Derivative Assets - Fair Value | 146 | 630 |
Other Assets | Not Designated as Hedging Instruments | Written and purchased options | ||
Derivative [Line Items] | ||
Derivative Assets - Fair Value | 9,574 | 5,490 |
Other Assets | Not Designated as Hedging Instruments | Other contracts | ||
Derivative [Line Items] | ||
Derivative Assets - Fair Value | 44 | 21 |
Other Liabilities | Designated as Hedging Instruments | Interest rate contracts | ||
Derivative [Line Items] | ||
Derivative Liabilities - Fair Value | 0 | 0 |
Other Liabilities | Not Designated as Hedging Instruments | ||
Derivative [Line Items] | ||
Derivative Liabilities - Fair Value | 12,599 | 22,124 |
Other Liabilities | Not Designated as Hedging Instruments | Interest rate contracts | ||
Derivative [Line Items] | ||
Derivative Liabilities - Fair Value | 1,760 | 17,812 |
Other Liabilities | Not Designated as Hedging Instruments | Customer swaps - upstream | ||
Derivative [Line Items] | ||
Derivative Liabilities - Fair Value | 5,041 | 191 |
Other Liabilities | Not Designated as Hedging Instruments | Foreign exchange contracts | ||
Derivative [Line Items] | ||
Derivative Liabilities - Fair Value | 0 | 18 |
Other Liabilities | Not Designated as Hedging Instruments | Forward sales contracts | ||
Derivative [Line Items] | ||
Derivative Liabilities - Fair Value | 1,834 | 750 |
Other Liabilities | Not Designated as Hedging Instruments | Written and purchased options | ||
Derivative [Line Items] | ||
Derivative Liabilities - Fair Value | 3,871 | 3,310 |
Other Liabilities | Not Designated as Hedging Instruments | Other contracts | ||
Derivative [Line Items] | ||
Derivative Liabilities - Fair Value | $ 93 | $ 43 |
Derivative Instruments and Ot_4
Derivative Instruments and Other Hedging Activities (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Derivative Assets - Notional Amount | $ 3,513,310 | $ 2,311,612 |
Derivative Liabilities - Notional Amount | 2,883,353 | 1,991,559 |
Cash posted as variation margin for derivatives | 78,400 | 35,800 |
Designated as Hedging Instruments | ||
Derivative [Line Items] | ||
Derivative Assets - Notional Amount | 800,000 | 408,500 |
Derivative Liabilities - Notional Amount | 108,500 | 0 |
Designated as Hedging Instruments | Interest rate contracts | ||
Derivative [Line Items] | ||
Derivative Assets - Notional Amount | 800,000 | 408,500 |
Derivative Liabilities - Notional Amount | 108,500 | 0 |
Not Designated as Hedging Instruments | ||
Derivative [Line Items] | ||
Derivative Assets - Notional Amount | 2,713,310 | 1,903,112 |
Derivative Liabilities - Notional Amount | 2,774,853 | 1,991,559 |
Not Designated as Hedging Instruments | Interest rate contracts | ||
Derivative [Line Items] | ||
Derivative Assets - Notional Amount | 1,885,919 | 701,257 |
Derivative Liabilities - Notional Amount | 375,805 | 919,653 |
Not Designated as Hedging Instruments | Customer swaps - upstream | ||
Derivative [Line Items] | ||
Derivative Assets - Notional Amount | 375,805 | 919,653 |
Derivative Liabilities - Notional Amount | 1,885,919 | 701,257 |
Not Designated as Hedging Instruments | Other contracts | ||
Derivative [Line Items] | ||
Derivative Assets - Notional Amount | 54,568 | 50,527 |
Derivative Liabilities - Notional Amount | 113,396 | 85,623 |
Not Designated as Hedging Instruments | Foreign exchange contracts | ||
Derivative [Line Items] | ||
Derivative Assets - Notional Amount | 0 | 1,202 |
Derivative Liabilities - Notional Amount | 0 | 1,202 |
Not Designated as Hedging Instruments | Forward sales contracts | ||
Derivative [Line Items] | ||
Derivative Assets - Notional Amount | 46,143 | 1,140 |
Derivative Liabilities - Notional Amount | 262,566 | 143,179 |
Not Designated as Hedging Instruments | Written and purchased options | ||
Derivative [Line Items] | ||
Derivative Assets - Notional Amount | 350,875 | 229,333 |
Derivative Liabilities - Notional Amount | $ 137,167 | $ 140,645 |
Derivative Instruments and Ot_5
Derivative Instruments and Other Hedging Activities - Reconciliation of Gross Amounts in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Derivative assets | ||
Gross derivative assets | $ 101,815 | $ 24,174 |
Gross amounts not offset in the Balance Sheet, derivatives | (5,129) | (619) |
Gross amounts not offset in the Balance Sheet, collateral | 0 | 0 |
Net derivative assets | 96,686 | 23,555 |
Derivative liabilities | ||
Gross derivative liabilities | 10,633 | 21,288 |
Gross amounts not offset in the Balance Sheet, derivatives | (5,129) | (619) |
Gross amounts not offset in the Balance Sheet, collateral | 0 | 0 |
Net derivative liabilities | 5,504 | 20,669 |
Written and purchased options | ||
Derivative assets | ||
Gross derivative assets | 3,832 | 3,285 |
Gross amounts not offset in the Balance Sheet, derivatives | 0 | 0 |
Gross amounts not offset in the Balance Sheet, collateral | 0 | 0 |
Net derivative assets | 3,832 | 3,285 |
Derivative liabilities | ||
Gross derivative liabilities | 3,832 | 3,285 |
Gross amounts not offset in the Balance Sheet, derivatives | 0 | 0 |
Gross amounts not offset in the Balance Sheet, collateral | 0 | 0 |
Net derivative liabilities | 3,832 | 3,285 |
Designated as Hedging Instruments | Interest rate contracts | ||
Derivative assets | ||
Gross derivative assets | 21,015 | 3,469 |
Gross amounts not offset in the Balance Sheet, derivatives | 0 | 0 |
Gross amounts not offset in the Balance Sheet, collateral | 0 | 0 |
Net derivative assets | 21,015 | 3,469 |
Not Designated as Hedging Instruments | Interest rate contracts | ||
Derivative assets | ||
Gross derivative assets | 76,968 | 17,420 |
Gross amounts not offset in the Balance Sheet, derivatives | (5,129) | (619) |
Gross amounts not offset in the Balance Sheet, collateral | 0 | 0 |
Net derivative assets | 71,839 | 16,801 |
Derivative liabilities | ||
Gross derivative liabilities | 6,801 | 18,003 |
Gross amounts not offset in the Balance Sheet, derivatives | (5,129) | (619) |
Gross amounts not offset in the Balance Sheet, collateral | 0 | 0 |
Net derivative liabilities | $ 1,672 | $ 17,384 |
Derivative Instruments and Ot_6
Derivative Instruments and Other Hedging Activities - Effect of Hedging Instruments on Consolidated Financial Statements (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Designated as Hedging Instruments | Cash Flow Hedging | Interest rate contracts | Interest expense | ||||
Derivative Instruments and Hedging Activities Disclosures | ||||
Amount of gain (loss) recognized | $ (78) | $ (40) | $ (305) | $ (156) |
Derivative, included component, gain (loss) recognized in earnings | 179 | (40) | 110 | (156) |
Amount of gain (loss) recognized in income on derivatives (amount excluded from effectiveness testing) | (257) | 0 | (415) | 0 |
Derivative instruments, gain (loss) recognized in income, ineffective portion and amount excluded from effectiveness testing, net | 0 | 0 | 0 | 0 |
Derivative instruments, gain (loss) recognized in income, ineffective portion and amount excluded from effectiveness testing, included component net | 0 | 0 | 0 | 0 |
Derivative instruments, gain (loss) recognized in income, ineffective portion and amount excluded from effectiveness testing, excluding component, net | 0 | 0 | 0 | 0 |
Not Designated as Hedging Instruments | ||||
Derivative Instruments and Hedging Activities Disclosures | ||||
Amount of gain (loss) recognized | 1,045 | 2,206 | 3,876 | 7,292 |
Not Designated as Hedging Instruments | Interest rate contracts | Commission income | ||||
Derivative Instruments and Hedging Activities Disclosures | ||||
Amount of gain (loss) recognized | 2,513 | 1,458 | 6,694 | 2,507 |
Not Designated as Hedging Instruments | Foreign exchange contracts | Commission income | ||||
Derivative Instruments and Hedging Activities Disclosures | ||||
Amount of gain (loss) recognized | 1 | 5 | 6 | 10 |
Not Designated as Hedging Instruments | Forward sales contracts | Mortgage income | ||||
Derivative Instruments and Hedging Activities Disclosures | ||||
Amount of gain (loss) recognized | (3,111) | 228 | (6,320) | 3,615 |
Not Designated as Hedging Instruments | Written and purchased options | Mortgage income | ||||
Derivative Instruments and Hedging Activities Disclosures | ||||
Amount of gain (loss) recognized | 1,660 | 517 | 3,523 | 1,165 |
Not Designated as Hedging Instruments | Other contracts | Commission income | ||||
Derivative Instruments and Hedging Activities Disclosures | ||||
Amount of gain (loss) recognized | (18) | (2) | (27) | (5) |
OCI | Designated as Hedging Instruments | Cash Flow Hedging | Interest rate contracts | ||||
Derivative Instruments and Hedging Activities Disclosures | ||||
Amount of gain (loss) recognized | 4,441 | 1,395 | 2,256 | 3,944 |
Derivative, included component, gain (loss) recognized in earnings | 5,982 | 1,395 | 2,884 | 3,944 |
Amount of gain (loss) recognized in income on derivatives (amount excluded from effectiveness testing) | $ (1,541) | $ 0 | $ (628) | $ 0 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Lessor, Lease, Description [Line Items] | ||
Lease expense | $ 6.9 | $ 13.6 |
Amounts included in measurement of lease liabilities | 7.7 | 14.4 |
Amount to obtain ROU assets | 8 | $ 13.2 |
Term of options to extend leases | 12 months | |
Term for option to terminate leases | 1 year | |
Interest income for sales-type and direct finance leases | $ 2.3 | $ 4.3 |
Minimum | ||
Lessor, Lease, Description [Line Items] | ||
Term of contract on operating lease | 1 year | 1 year |
Remaining lease terms on sales type and direct finance leases | 4 years | |
Maximum | ||
Lessor, Lease, Description [Line Items] | ||
Term of contract on operating lease | 45 years | 45 years |
Remaining lease terms on sales type and direct finance leases | 20 years |
Leases - Right-of-use Assets an
Leases - Right-of-use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
Right-of-use assets | $ 98,723 | $ 94,200 |
Lease liabilities | $ 119,463 | $ 118,900 |
Weighted average remaining lease term | 7 years 10 months 24 days | |
Weighted average discount rate | 3.30% |
Leases - Maturities of Operatin
Leases - Maturities of Operating Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
2019 | $ 13,345 | |
2020 | 25,055 | |
2021 | 21,221 | |
2022 | 18,154 | |
2023 | 13,522 | |
2024 and thereafter | 45,371 | |
Total operating lease payments | 136,668 | |
Less: Imputed interest | 17,205 | |
Lease liabilities | $ 119,463 | $ 118,900 |
Leases - Components of Net Inve
Leases - Components of Net Investment in Leases (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
Lease payment receivable | $ 259,103 |
Unguaranteed residual assets | 28,903 |
Total net investment in leases | $ 288,006 |
Leases - Direct Finance and Sal
Leases - Direct Finance and Sales Type Leases (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 21,556 |
2020 | 42,696 |
2021 | 42,619 |
2022 | 37,866 |
2023 | 30,344 |
2024 and thereafter | 93,482 |
Total future minimum lease payments | 268,563 |
Less: Imputed interest | 9,460 |
Lease receivables | $ 259,103 |
Shareholders' Equity, Capital_3
Shareholders' Equity, Capital Ratios and Other Regulatory Matters - Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 01, 2024 | Apr. 04, 2019 | May 09, 2016 | Aug. 05, 2015 | Aug. 06, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 |
Class of Stock [Line Items] | ||||||||||
Preferred stock, shares issued | 23,750 | 23,750 | 13,750 | |||||||
Preferred stock, par value (in usd per share) | $ 1 | $ 1 | $ 1 | |||||||
Liquidation preference (per share) | $ 10,000 | $ 10,000 | $ 10,000 | |||||||
Liquidation preference value | $ 237,500 | |||||||||
Carrying Amount | $ 228,485 | $ 228,485 | $ 132,097 | |||||||
Number of shares authorized to be repurchased | 2,765,000 | |||||||||
Common stock repurchases | $ 134,778 | $ 30,670 | $ 164,724 | $ 30,670 | ||||||
Shares authorized to be repurchased | 117,230 | 117,230 | ||||||||
Series B Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Ownership per share | 6.625% | |||||||||
Liquidation preference value | $ 80,000 | |||||||||
Carrying Amount | $ 76,812 | $ 76,812 | $ 76,812 | |||||||
Series C Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Ownership per share | 6.60% | |||||||||
Liquidation preference value | $ 57,500 | |||||||||
Carrying Amount | 55,285 | 55,285 | 55,285 | |||||||
Series D Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Ownership per share | 6.10% | |||||||||
Preferred stock, par value (in usd per share) | $ 1 | |||||||||
Liquidation preference (per share) | $ 10,000 | |||||||||
Liquidation preference value | $ 100,000 | |||||||||
Carrying Amount | $ 96,388 | $ 96,388 | $ 0 | |||||||
Series D Depositary Shares | ||||||||||
Class of Stock [Line Items] | ||||||||||
Preferred stock, shares issued | 4,000,000 | |||||||||
Liquidation preference (per share) | $ 25 | |||||||||
Common Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Common stock repurchases (in shares) | 1,759,849 | 400,000 | 2,147,770 | 400,000 | ||||||
Common stock repurchases | $ 1,760 | $ 400 | $ 2,148 | $ 400 | ||||||
2016 and 2018 Share Repurchase Program | ||||||||||
Class of Stock [Line Items] | ||||||||||
Common stock repurchases | $ 134,800 | $ 164,700 | ||||||||
Average cost of common stock shares repurchased (in usd per share) | $ 76.59 | $ 76.70 | $ 76.67 | |||||||
2016 and 2018 Share Repurchase Program | Common Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Common stock repurchases (in shares) | 1,759,849 | 2,147,770 | 400,000 | |||||||
Common stock repurchases | $ 30,700 | |||||||||
2019 Share Repurchase Program | Common Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Number of shares authorized to be repurchased | 1,600,000 | 1,600,000 | ||||||||
Percentage of total common shares outstanding | 3.00% | |||||||||
Forecast | Series D Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Variable dividend rate after August 1, 2024 | 3.859% | |||||||||
Subsequent Event | ||||||||||
Class of Stock [Line Items] | ||||||||||
Common stock repurchases (in shares) | 307,230 | |||||||||
Treasury stock acquired | $ 23,000 |
Shareholders' Equity, Capital_4
Shareholders' Equity, Capital Ratios and Other Regulatory Matters - Actual Capital Amounts and Ratios (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Total Risk-Based Capital | ||
Capital Conversion Buffer | 4.33% | |
Consolidated | ||
Tier 1 Leverage | ||
Minimum amount | $ 1,199,612 | $ 1,168,343 |
Minimum ratio | 4.00% | 4.00% |
Actual amount | $ 2,913,362 | $ 2,812,863 |
Actual ratio | 9.71% | 9.63% |
Common Equity Tier 1 (CET1) | ||
Minimum amount | $ 1,164,678 | $ 1,125,405 |
Minimum ratio | 4.50% | 4.50% |
Actual amount | $ 2,684,877 | $ 2,680,766 |
Actual Ratio | 10.38% | 10.72% |
Tier 1 Risk-Based Capital | ||
Minimum amount | $ 1,552,904 | $ 1,500,540 |
Minimum ratio | 6.00% | 6.00% |
Actual amount | $ 2,913,362 | $ 2,812,863 |
Actual ratio | 11.26% | 11.25% |
Total Risk-Based Capital | ||
Minimum amount | $ 2,070,539 | $ 2,000,720 |
Minimum ratio | 8.00% | 8.00% |
Actual amount | $ 3,191,529 | $ 3,084,764 |
Actual ratio | 12.33% | 12.33% |
IBERIABANK | ||
Tier 1 Leverage | ||
Minimum amount | $ 1,196,979 | $ 1,165,537 |
Minimum ratio | 4.00% | 4.00% |
Well capitalized amount | $ 1,496,224 | $ 1,456,921 |
Well capitalized ratio | 5.00% | 5.00% |
Actual amount | $ 2,857,238 | $ 2,733,099 |
Actual ratio | 9.55% | 9.38% |
Common Equity Tier 1 (CET1) | ||
Minimum amount | $ 1,161,409 | $ 1,122,712 |
Minimum ratio | 4.50% | 4.50% |
Well capitalized amount | $ 1,677,591 | $ 1,621,695 |
Well capitalized ratio | 6.50% | 6.50% |
Actual amount | $ 2,857,238 | $ 2,733,099 |
Actual Ratio | 11.07% | 10.95% |
Tier 1 Risk-Based Capital | ||
Minimum amount | $ 1,548,546 | $ 1,496,949 |
Minimum ratio | 6.00% | 6.00% |
Well capitalized amount | $ 2,064,728 | $ 1,995,932 |
Well capitalized ratio | 8.00% | 8.00% |
Actual amount | $ 2,857,238 | $ 2,733,099 |
Actual ratio | 11.07% | 10.95% |
Total Risk-Based Capital | ||
Minimum amount | $ 2,064,728 | $ 1,995,932 |
Minimum ratio | 8.00% | 8.00% |
Well capitalized amount | $ 2,580,910 | $ 2,494,915 |
Well capitalized ratio | 10.00% | 10.00% |
Actual amount | $ 3,018,905 | $ 2,888,500 |
Actual ratio | 11.70% | 11.58% |
Capital Conversion Buffer | 3.70% |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Calculation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Common Share - Basic: | ||||
Net income | $ 101,598 | $ 75,124 | $ 201,729 | $ 138,745 |
Less: Preferred stock dividends | 949 | 949 | 4,547 | 4,547 |
Less: Dividends and undistributed earnings allocated to unvested restricted shares | 999 | 767 | 1,931 | 1,409 |
Earnings allocated to common shareholders - basic | $ 99,650 | $ 73,408 | $ 195,251 | $ 132,789 |
Weighted average common shares outstanding | 53,345 | 55,931 | 53,758 | 54,780 |
Earnings per common share - basic (in usd per share) | $ 1.87 | $ 1.31 | $ 3.63 | $ 2.42 |
Earnings Per Common Share - Diluted: | ||||
Earnings allocated to common shareholders - basic | $ 99,650 | $ 73,408 | $ 195,251 | $ 132,789 |
Adjustment for undistributed earnings allocated to unvested restricted shares | 24 | (7) | (21) | (26) |
Earnings allocated to common shareholders - diluted | $ 99,674 | $ 73,401 | $ 195,230 | $ 132,763 |
Weighted average common shares outstanding | 53,345 | 55,931 | 53,758 | 54,780 |
Dilutive potential common shares | 328 | 356 | 346 | 353 |
Weighted average common shares outstanding - diluted | 53,674 | 56,287 | 54,104 | 55,133 |
Earnings per common share - diluted (in usd per share) | $ 1.86 | $ 1.30 | $ 3.61 | $ 2.41 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||
Weighted average number of shares held by Recognition and Retention Plan excluded from the calculation for basic shares outstanding | 521,591 | 595,856 | 542,769 | 601,018 |
Stock Options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||
Antidilutive securities excluded from the computation of earnings per share | 154,780 | 156,988 | 154,780 | 156,988 |
Share-Based Compensation - Narr
Share-Based Compensation - Narrative (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Future awards shares under approved incentive compensation plans | 3,448,650 | |
Share-based compensation maximum option term (in years) | 10 years | |
Stock Option Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unearned share-based compensation associated with awards | $ 2.7 | |
Unrecognized compensation cost related to stock options expected to be recognized over a weighted-average period | 2 years 10 months 24 days | |
Restricted Stock Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unearned share-based compensation associated with awards | $ 28.1 | $ 35.5 |
Unrecognized compensation cost related to stock options expected to be recognized over a weighted-average period | 1 year 4 months 24 days | |
Restricted Share Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period (in years) | 3 years | |
Phantom Stock Awards | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period (in years) | 5 years |
Share-Based Compensation - Acti
Share-Based Compensation - Activity Related to Stock Options (Detail) - Stock Option Awards - $ / shares | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Number of shares | ||
Balance at beginning of the period (in shares) | 714,420,000 | 686,366,000 |
Granted (in shares) | 127,090,000 | 96,507,000 |
Exercised (in shares) | (21,575,000) | (34,745,000) |
Forfeited or expired (in shares) | (8,787,000) | (22,524,000) |
Balance at end of the period (in shares) | 811,148,000 | 725,604,000 |
Exercisable at period end (in shares) | 561,789,000 | 505,477,000 |
Weighted Average Exercise Price | ||
Balance at beginning of the period (in usd per share) | $ 61.41 | $ 58.24 |
Granted (in usd per share) | 70.34 | 81.99 |
Exercised (in usd per share) | 53.98 | 53.48 |
Forfeited or expired (in usd per share) | 70.80 | 66.80 |
Balance at end of the period (in usd per share) | 62.90 | 61.36 |
Exercisable at period end (in usd per share) | $ 58.26 | $ 56.55 |
Share-Based Compensation - Esti
Share-Based Compensation - Estimate Fair Value of Stock Option Awards with Weighted-Average Assumptions (Detail) - Stock Option Awards - $ / shares | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected dividends | 2.30% | 1.80% |
Expected volatility | 24.50% | 24.30% |
Risk-free interest rate | 2.50% | 2.70% |
Expected term (in years) | 5 years 8 months 12 days | 5 years 9 months 18 days |
Weighted-average grant-date fair value | $ 14.44 | $ 18.44 |
Share-Based Compensation - Comp
Share-Based Compensation - Compensation Expense Included in Non-Interest Expense and Related Income Tax Benefits (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Stock Option Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 336 | $ 319 | $ 685 | $ 631 |
Income tax benefit | 24 | 23 | 50 | 46 |
Restricted Stock And Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | 5,931 | 4,927 | 11,154 | 9,349 |
Income tax benefit | 1,245 | 1,035 | 2,342 | 1,963 |
Phantom Stock and Performance Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 2,451 | $ 2,017 | $ 5,645 | $ 5,013 |
Share-Based Compensation - Unve
Share-Based Compensation - Unvested Restricted Stock Award Activity (Detail) - Restricted Stock And Restricted Stock Units - shares | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Balance at beginning of the period (in shares) | 700,628,000 | 738,187,000 |
Granted (in shares) | 212,038,000 | 224,170,000 |
Forfeited (in shares) | (15,199,000) | (56,653,000) |
Vested (in shares) | (199,156,000) | (138,952,000) |
Balance at end of the period (in shares) | 698,311,000 | 766,752,000 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Share and Dividend Equivalent Share Award Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Value of share equivalents | ||
Market price of Company's stock (in usd per share) | $ 75.85 | $ 75.80 |
Phantom Stock and Performance Stock Units | ||
Number of share equivalents | ||
Balance at beginning of the period (in shares) | 353,407,000 | 393,844,000 |
Granted (in shares) | 174,991,000 | 140,804,000 |
Forfeited share equivalents (in shares) | (20,407,000) | (45,821,000) |
Vested share equivalents (in shares) | (101,318,000) | (126,019,000) |
Balance at end of the period (in shares) | 406,673,000 | 362,808,000 |
Value of share equivalents | ||
Balance at beginning of the period (in shares) | $ 22,717 | $ 30,523 |
Granted (in shares) | 13,273 | 10,673 |
Forfeited share equivalents (in shares) | 1,548 | 3,473 |
Vested share equivalents (in shares) | 7,647 | 10,519 |
Balance at end of the period (in shares) | $ 30,846 | $ 27,501 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Securities available for sale, at fair value | $ 4,455,308,000 | $ 4,783,579,000 |
Mortgage loans held for sale | 187,987,000 | 107,734,000 |
Mortgage loans held for investment, at fair value option | 1,945,000 | 3,143,000 |
Derivative instruments | 101,815,000 | 24,174,000 |
Liabilities | ||
Derivative instruments | 10,633,000 | 21,288,000 |
Fair value assets transferred from Level 1 to Level 2 | 0 | |
Level 1 | ||
Assets | ||
Securities available for sale, at fair value | 0 | 0 |
Mortgage loans held for investment, at fair value option | 0 | 0 |
Level 2 | ||
Assets | ||
Securities available for sale, at fair value | 4,455,308,000 | 4,783,579,000 |
Mortgage loans held for investment, at fair value option | 0 | 0 |
Level 3 | ||
Assets | ||
Securities available for sale, at fair value | 0 | 0 |
Mortgage loans held for investment, at fair value option | 1,945,000 | 3,143,000 |
Recurring | ||
Assets | ||
Securities available for sale, at fair value | 4,455,308,000 | 4,783,579,000 |
Mortgage loans held for sale | 187,987,000 | 107,734,000 |
Mortgage loans held for investment, at fair value option | 1,945,000 | 3,143,000 |
Derivative instruments | 107,747,000 | 27,048,000 |
Total | 4,752,987,000 | 4,921,504,000 |
Liabilities | ||
Derivative instruments | 12,599,000 | 22,124,000 |
Total | 12,599,000 | 22,124,000 |
Recurring | Level 1 | ||
Assets | ||
Securities available for sale, at fair value | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Mortgage loans held for investment, at fair value option | 0 | 0 |
Derivative instruments | 0 | 0 |
Total | 0 | 0 |
Liabilities | ||
Derivative instruments | 0 | 0 |
Total | 0 | 0 |
Recurring | Level 2 | ||
Assets | ||
Securities available for sale, at fair value | 4,455,308,000 | 4,783,579,000 |
Mortgage loans held for sale | 187,987,000 | 107,734,000 |
Mortgage loans held for investment, at fair value option | 0 | 0 |
Derivative instruments | 107,747,000 | 27,048,000 |
Total | 4,751,042,000 | 4,918,361,000 |
Liabilities | ||
Derivative instruments | 12,599,000 | 22,124,000 |
Total | 12,599,000 | 22,124,000 |
Recurring | Level 3 | ||
Assets | ||
Securities available for sale, at fair value | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Mortgage loans held for investment, at fair value option | 1,945,000 | 3,143,000 |
Derivative instruments | 0 | 0 |
Total | 1,945,000 | 3,143,000 |
Liabilities | ||
Derivative instruments | 0 | 0 |
Total | $ 0 | $ 0 |
Fair Value Measurements - Fin_2
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Nonrecurring Basis (Detail) - Nonrecurring - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Impaired loans | $ 73,003 | $ 65,914 |
OREO, net | 5,076 | 6,433 |
Total | 78,079 | 72,347 |
Level 1 | ||
Assets | ||
Impaired loans | 0 | 0 |
OREO, net | 0 | 0 |
Total | 0 | 0 |
Level 2 | ||
Assets | ||
Impaired loans | 0 | 0 |
OREO, net | 0 | 0 |
Total | 0 | 0 |
Level 3 | ||
Assets | ||
Impaired loans | 73,003 | 65,914 |
OREO, net | 5,076 | 6,433 |
Total | $ 78,079 | $ 72,347 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Difference Between the Aggregate Fair Value and the Aggregate Unpaid Principal Balance for Mortgage Loans Held for Sale and Mortgage Loans Held for Investment (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Mortgage loans held for sale, at fair value | ||
Aggregate Fair Value | $ 187,987 | $ 107,734 |
Aggregate Unpaid Principal | 181,067 | 104,345 |
Aggregate Fair Value Less Unpaid Principal | 6,920 | 3,389 |
Mortgage loans held for investment, at fair value | ||
Aggregate Fair Value | 1,945 | 3,143 |
Aggregate Unpaid Principal | 2,099 | 3,595 |
Aggregate Fair Value Less Unpaid Principal | $ (154) | $ (452) |
Fair Value Measurements - Amoun
Fair Value Measurements - Amount of Net Gains (Losses) from Fair Value Changes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | ||||
Mortgage loans held for sale, at fair value | $ 2,879 | $ (331) | $ 3,531 | $ (1,472) |
Mortgage loans held for investment, at fair value | $ (104) | $ (172) | $ 87 | $ (921) |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Estimated Fair Values and Carrying Amounts of Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Financial Assets | ||||
Securities available for sale, at fair value | $ 4,455,308 | $ 4,783,579 | ||
Mortgage loans held for sale, at fair value | 187,987 | 107,734 | ||
Mortgage loans held for investment, at fair value option | 1,945 | 3,143 | ||
Derivative instruments | 107,747 | 27,048 | ||
Cash and cash equivalents | 789,315 | 690,453 | $ 727,388 | $ 625,724 |
Securities held to maturity | 192,917 | 207,446 | ||
Financial Liabilities | ||||
Derivative instruments | 12,599 | 22,124 | ||
Deposits | 24,295,331 | 23,763,431 | $ 23,430,458 | |
Short-term borrowings | 997,507 | 1,482,882 | ||
Long-term debt | 1,374,759 | 1,166,151 | ||
Level 1 | ||||
Financial Assets | ||||
Securities available for sale, at fair value | 0 | 0 | ||
Mortgage loans held for sale, at fair value | 0 | 0 | ||
Mortgage loans held for investment, at fair value option | 0 | 0 | ||
Derivative instruments | 0 | 0 | ||
Cash and cash equivalents | 789,315 | 690,453 | ||
Securities held to maturity | 0 | 0 | ||
Loans and leases, carried at amortized cost, net of unearned income and allowance for loan and lease losses | 0 | 0 | ||
Financial Liabilities | ||||
Derivative instruments | 0 | 0 | ||
Deposits | 0 | 0 | ||
Short-term borrowings | 184,507 | 315,882 | ||
Long-term debt | 0 | 0 | ||
Level 2 | ||||
Financial Assets | ||||
Securities available for sale, at fair value | 4,455,308 | 4,783,579 | ||
Mortgage loans held for sale, at fair value | 187,987 | 107,734 | ||
Mortgage loans held for investment, at fair value option | 0 | 0 | ||
Derivative instruments | 107,747 | 27,048 | ||
Cash and cash equivalents | 0 | 0 | ||
Securities held to maturity | 198,012 | 204,277 | ||
Loans and leases, carried at amortized cost, net of unearned income and allowance for loan and lease losses | 0 | 0 | ||
Financial Liabilities | ||||
Derivative instruments | 12,599 | 22,124 | ||
Deposits | 24,295,695 | 23,752,139 | ||
Short-term borrowings | 813,000 | 1,167,000 | ||
Long-term debt | 0 | 0 | ||
Level 3 | ||||
Financial Assets | ||||
Securities available for sale, at fair value | 0 | 0 | ||
Mortgage loans held for sale, at fair value | 0 | 0 | ||
Mortgage loans held for investment, at fair value option | 1,945 | 3,143 | ||
Derivative instruments | 0 | 0 | ||
Cash and cash equivalents | 0 | 0 | ||
Securities held to maturity | 0 | 0 | ||
Loans and leases, carried at amortized cost, net of unearned income and allowance for loan and lease losses | 22,939,128 | 22,088,236 | ||
Financial Liabilities | ||||
Derivative instruments | 0 | 0 | ||
Deposits | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 1,381,572 | 1,154,062 | ||
Carrying Amount | ||||
Financial Assets | ||||
Securities available for sale, at fair value | 4,455,308 | 4,783,579 | ||
Mortgage loans held for sale, at fair value | 187,987 | 107,734 | ||
Mortgage loans held for investment, at fair value option | 1,945 | 3,143 | ||
Derivative instruments | 107,747 | 27,048 | ||
Cash and cash equivalents | 789,315 | 690,453 | ||
Securities held to maturity | 192,917 | 207,446 | ||
Loans and leases, carried at amortized cost, net of unearned income and allowance for loan and lease losses | 23,206,980 | 22,376,101 | ||
Financial Liabilities | ||||
Derivative instruments | 12,599 | 22,124 | ||
Deposits | 24,295,331 | 23,763,431 | ||
Short-term borrowings | 997,507 | 1,482,882 | ||
Long-term debt | 1,374,759 | 1,166,151 | ||
Fair Value | ||||
Financial Assets | ||||
Securities available for sale, at fair value | 4,455,308 | 4,783,579 | ||
Mortgage loans held for sale, at fair value | 187,987 | 107,734 | ||
Mortgage loans held for investment, at fair value option | 1,945 | 3,143 | ||
Derivative instruments | 107,747 | 27,048 | ||
Cash and cash equivalents | 789,315 | 690,453 | ||
Securities held to maturity | 198,012 | 204,277 | ||
Loans and leases, carried at amortized cost, net of unearned income and allowance for loan and lease losses | 22,939,128 | 22,088,236 | ||
Financial Liabilities | ||||
Derivative instruments | 12,599 | 22,124 | ||
Deposits | 24,295,695 | 23,752,139 | ||
Short-term borrowings | 997,507 | 1,482,882 | ||
Long-term debt | $ 1,381,572 | $ 1,154,062 |
Business Segments (Detail)
Business Segments (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)Segment | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Segment Reporting Information | |||||
Number of business segments | Segment | 3 | ||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||
Interest and dividend income | $ 335,967 | $ 303,823 | $ 662,051 | $ 574,366 | |
Interest expense | 80,628 | 47,710 | 156,228 | 85,364 | |
Net interest income | 255,339 | 256,113 | 505,823 | 489,002 | |
Other Income and Expenses [Abstract] | |||||
Provision for/(reversal of) loan losses | 10,755 | 7,696 | 24,518 | 15,907 | |
Other non-interest income (expense) | 33,486 | 33,373 | 68,921 | 63,317 | |
Allocated expenses (income) | 0 | 0 | 0 | 0 | |
Non-interest expense | 169,618 | 196,776 | 328,371 | 384,847 | |
Income before income tax expense | 133,791 | 105,581 | 264,268 | 186,754 | |
Income tax expense | 32,193 | 30,457 | 62,539 | 48,009 | |
Net income | 101,598 | 75,124 | 201,729 | 138,745 | |
Total loans, leases, and loans held for sale, net of unearned income | 23,543,298 | 22,154,626 | 23,543,298 | 22,154,626 | |
Total assets | 31,446,532 | 30,126,162 | 31,446,532 | 30,126,162 | $ 30,833,015 |
Deposits | 24,295,331 | 23,430,458 | 24,295,331 | 23,430,458 | $ 23,763,431 |
Average assets | 31,271,822 | 29,770,852 | 31,053,872 | 28,956,062 | |
Title revenue | |||||
Other Income and Expenses [Abstract] | |||||
Non-interest income | 6,895 | 6,846 | 12,120 | 11,873 | |
Mortgage income | |||||
Other Income and Expenses [Abstract] | |||||
Non-interest income | 18,444 | 13,721 | 30,293 | 23,316 | |
Operating Segments | IBERIABANK | |||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||
Interest and dividend income | 334,055 | 302,387 | 658,699 | 571,162 | |
Interest expense | 80,628 | 47,710 | 156,228 | 85,364 | |
Net interest income | 253,427 | 254,677 | 502,471 | 485,798 | |
Other Income and Expenses [Abstract] | |||||
Provision for/(reversal of) loan losses | 10,742 | 7,715 | 24,565 | 15,931 | |
Other non-interest income (expense) | 33,496 | 33,481 | 68,959 | 63,387 | |
Allocated expenses (income) | (4,414) | (3,873) | (6,447) | (5,352) | |
Non-interest expense | 151,139 | 179,831 | 294,894 | 351,422 | |
Income before income tax expense | 129,456 | 104,485 | 258,418 | 187,184 | |
Income tax expense | 31,134 | 30,211 | 61,109 | 48,751 | |
Net income | 98,322 | 74,274 | 197,309 | 138,433 | |
Total loans, leases, and loans held for sale, net of unearned income | 23,330,738 | 22,026,914 | 23,330,738 | 22,026,914 | |
Total assets | 31,165,205 | 29,928,360 | 31,165,205 | 29,928,360 | |
Deposits | 24,279,416 | 23,419,382 | 24,279,416 | 23,419,382 | |
Average assets | 31,024,832 | 29,599,468 | 30,838,856 | 28,766,655 | |
Operating Segments | IMC | |||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||
Interest and dividend income | 1,912 | 1,436 | 3,351 | 3,203 | |
Interest expense | 0 | 0 | 0 | 0 | |
Net interest income | 1,912 | 1,436 | 3,351 | 3,203 | |
Other Income and Expenses [Abstract] | |||||
Provision for/(reversal of) loan losses | 13 | (19) | (47) | (24) | |
Other non-interest income (expense) | (10) | (105) | (22) | (67) | |
Allocated expenses (income) | 3,250 | 2,868 | 4,750 | 4,034 | |
Non-interest expense | 13,590 | 11,966 | 24,131 | 23,882 | |
Income before income tax expense | 3,493 | 237 | 4,788 | (1,440) | |
Income tax expense | 836 | 17 | 1,143 | (393) | |
Net income | 2,657 | 220 | 3,645 | (1,047) | |
Total loans, leases, and loans held for sale, net of unearned income | 212,560 | 127,712 | 212,560 | 127,712 | |
Total assets | 255,106 | 173,415 | 255,106 | 173,415 | |
Deposits | 15,915 | 11,076 | 15,915 | 11,076 | |
Average assets | 221,891 | 148,210 | 190,205 | 166,872 | |
Operating Segments | LTC | |||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||
Interest and dividend income | 0 | 0 | 1 | 1 | |
Interest expense | 0 | 0 | 0 | 0 | |
Net interest income | 0 | 0 | 1 | 1 | |
Other Income and Expenses [Abstract] | |||||
Provision for/(reversal of) loan losses | 0 | 0 | 0 | 0 | |
Other non-interest income (expense) | 0 | (3) | (16) | (3) | |
Allocated expenses (income) | 1,164 | 1,005 | 1,697 | 1,318 | |
Non-interest expense | 4,889 | 4,979 | 9,346 | 9,543 | |
Income before income tax expense | 842 | 859 | 1,062 | 1,010 | |
Income tax expense | 223 | 229 | 287 | (349) | |
Net income | 619 | 630 | 775 | 1,359 | |
Total loans, leases, and loans held for sale, net of unearned income | 0 | 0 | 0 | 0 | |
Total assets | 26,221 | 24,387 | 26,221 | 24,387 | |
Deposits | 0 | 0 | 0 | 0 | |
Average assets | 25,099 | 23,174 | 24,811 | 22,535 | |
Operating Segments | Title revenue | IBERIABANK | |||||
Other Income and Expenses [Abstract] | |||||
Non-interest income | 0 | 0 | 0 | 0 | |
Operating Segments | Title revenue | IMC | |||||
Other Income and Expenses [Abstract] | |||||
Non-interest income | 0 | 0 | 0 | 0 | |
Operating Segments | Title revenue | LTC | |||||
Other Income and Expenses [Abstract] | |||||
Non-interest income | 6,895 | 6,846 | 12,120 | 11,873 | |
Operating Segments | Mortgage income | IBERIABANK | |||||
Other Income and Expenses [Abstract] | |||||
Non-interest income | 0 | 0 | 0 | 0 | |
Operating Segments | Mortgage income | IMC | |||||
Other Income and Expenses [Abstract] | |||||
Non-interest income | 18,444 | 13,721 | 30,293 | 23,316 | |
Operating Segments | Mortgage income | LTC | |||||
Other Income and Expenses [Abstract] | |||||
Non-interest income | $ 0 | $ 0 | $ 0 | $ 0 |
Business Segments - Schedule of
Business Segments - Schedule of Segment Reporting Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Segment Reporting Information | |||||
Interest and dividend income | $ 335,967 | $ 303,823 | $ 662,051 | $ 574,366 | |
Interest expense | 80,628 | 47,710 | 156,228 | 85,364 | |
Net interest income | 255,339 | 256,113 | 505,823 | 489,002 | |
Provision for/(reversal of) loan losses | 10,755 | 7,696 | 24,518 | 15,907 | |
Other non-interest income (expense) | 33,486 | 33,373 | 68,921 | 63,317 | |
Allocated expenses (income) | 0 | 0 | 0 | 0 | |
Non-interest expense | 169,618 | 196,776 | 328,371 | 384,847 | |
Income before income tax expense | 133,791 | 105,581 | 264,268 | 186,754 | |
Income tax expense | 32,193 | 30,457 | 62,539 | 48,009 | |
Net income | 101,598 | 75,124 | 201,729 | 138,745 | |
Total loans, leases, and loans held for sale, net of unearned income | 23,543,298 | 22,154,626 | 23,543,298 | 22,154,626 | |
Total assets | 31,446,532 | 30,126,162 | 31,446,532 | 30,126,162 | $ 30,833,015 |
Total deposits | 24,295,331 | 23,430,458 | 24,295,331 | 23,430,458 | $ 23,763,431 |
Average assets | 31,271,822 | 29,770,852 | 31,053,872 | 28,956,062 | |
Operating Segments | IBERIABANK | |||||
Segment Reporting Information | |||||
Interest and dividend income | 334,055 | 302,387 | 658,699 | 571,162 | |
Interest expense | 80,628 | 47,710 | 156,228 | 85,364 | |
Net interest income | 253,427 | 254,677 | 502,471 | 485,798 | |
Provision for/(reversal of) loan losses | 10,742 | 7,715 | 24,565 | 15,931 | |
Other non-interest income (expense) | 33,496 | 33,481 | 68,959 | 63,387 | |
Allocated expenses (income) | (4,414) | (3,873) | (6,447) | (5,352) | |
Non-interest expense | 151,139 | 179,831 | 294,894 | 351,422 | |
Income before income tax expense | 129,456 | 104,485 | 258,418 | 187,184 | |
Income tax expense | 31,134 | 30,211 | 61,109 | 48,751 | |
Net income | 98,322 | 74,274 | 197,309 | 138,433 | |
Total loans, leases, and loans held for sale, net of unearned income | 23,330,738 | 22,026,914 | 23,330,738 | 22,026,914 | |
Total assets | 31,165,205 | 29,928,360 | 31,165,205 | 29,928,360 | |
Total deposits | 24,279,416 | 23,419,382 | 24,279,416 | 23,419,382 | |
Average assets | 31,024,832 | 29,599,468 | 30,838,856 | 28,766,655 | |
Operating Segments | IMC | |||||
Segment Reporting Information | |||||
Interest and dividend income | 1,912 | 1,436 | 3,351 | 3,203 | |
Interest expense | 0 | 0 | 0 | 0 | |
Net interest income | 1,912 | 1,436 | 3,351 | 3,203 | |
Provision for/(reversal of) loan losses | 13 | (19) | (47) | (24) | |
Other non-interest income (expense) | (10) | (105) | (22) | (67) | |
Allocated expenses (income) | 3,250 | 2,868 | 4,750 | 4,034 | |
Non-interest expense | 13,590 | 11,966 | 24,131 | 23,882 | |
Income before income tax expense | 3,493 | 237 | 4,788 | (1,440) | |
Income tax expense | 836 | 17 | 1,143 | (393) | |
Net income | 2,657 | 220 | 3,645 | (1,047) | |
Total loans, leases, and loans held for sale, net of unearned income | 212,560 | 127,712 | 212,560 | 127,712 | |
Total assets | 255,106 | 173,415 | 255,106 | 173,415 | |
Total deposits | 15,915 | 11,076 | 15,915 | 11,076 | |
Average assets | 221,891 | 148,210 | 190,205 | 166,872 | |
Operating Segments | LTC | |||||
Segment Reporting Information | |||||
Interest and dividend income | 0 | 0 | 1 | 1 | |
Interest expense | 0 | 0 | 0 | 0 | |
Net interest income | 0 | 0 | 1 | 1 | |
Provision for/(reversal of) loan losses | 0 | 0 | 0 | 0 | |
Other non-interest income (expense) | 0 | (3) | (16) | (3) | |
Allocated expenses (income) | 1,164 | 1,005 | 1,697 | 1,318 | |
Non-interest expense | 4,889 | 4,979 | 9,346 | 9,543 | |
Income before income tax expense | 842 | 859 | 1,062 | 1,010 | |
Income tax expense | 223 | 229 | 287 | (349) | |
Net income | 619 | 630 | 775 | 1,359 | |
Total loans, leases, and loans held for sale, net of unearned income | 0 | 0 | 0 | 0 | |
Total assets | 26,221 | 24,387 | 26,221 | 24,387 | |
Total deposits | 0 | 0 | 0 | 0 | |
Average assets | 25,099 | 23,174 | 24,811 | 22,535 | |
Mortgage income | |||||
Segment Reporting Information | |||||
Non-interest income | 18,444 | 13,721 | 30,293 | 23,316 | |
Mortgage income | Operating Segments | IBERIABANK | |||||
Segment Reporting Information | |||||
Non-interest income | 0 | 0 | 0 | 0 | |
Mortgage income | Operating Segments | IMC | |||||
Segment Reporting Information | |||||
Non-interest income | 18,444 | 13,721 | 30,293 | 23,316 | |
Mortgage income | Operating Segments | LTC | |||||
Segment Reporting Information | |||||
Non-interest income | 0 | 0 | 0 | 0 | |
Title revenue | |||||
Segment Reporting Information | |||||
Non-interest income | 6,895 | 6,846 | 12,120 | 11,873 | |
Title revenue | Operating Segments | IBERIABANK | |||||
Segment Reporting Information | |||||
Non-interest income | 0 | 0 | 0 | 0 | |
Title revenue | Operating Segments | IMC | |||||
Segment Reporting Information | |||||
Non-interest income | 0 | 0 | 0 | 0 | |
Title revenue | Operating Segments | LTC | |||||
Segment Reporting Information | |||||
Non-interest income | $ 6,895 | $ 6,846 | $ 12,120 | $ 11,873 |
Commitments and Contingencies_2
Commitments and Contingencies (Detail) - USD ($) $ in Millions | Dec. 11, 2017 | Jun. 30, 2019 | Dec. 31, 2018 |
Commitments and Contingencies Disclosure [Abstract] | |||
Fair value of guarantees under commercial and standby letters of credit | $ 2.4 | $ 2.4 | |
Settled Litigation | |||
Loss Contingencies [Line Items] | |||
Settlement amount | $ 11.7 | ||
Pending Litigation | |||
Loss Contingencies [Line Items] | |||
Damages sought | $ 11.7 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Financial Instruments Outstanding (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Commitments and Contingencies Disclosure [Abstract] | ||||
Commitments to extend credit | $ 690,267 | $ 642,162 | ||
Unfunded commitments under lines of credit | 7,149,479 | 6,883,963 | ||
Commercial and standby letters of credit | 246,622 | 240,436 | ||
Reserve for unfunded lending commitments | $ 15,281 | $ 14,830 | $ 14,433 | $ 13,208 |
Uncategorized Items - ibkc10-q6
Label | Element | Value | |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (345,000) | [1] |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 1,847,000 | [2] |
Retained Earnings [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (345,000) | [1] |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | $ 1,847,000 | [2] |
[1] | Cumulative-effect adjustment to beginning retained earnings for fair value adjustments related to the reclassification of certain equity investments in accordance with ASU 2016-01, adopted as of January 1, 2018. | ||
[2] | Cumulative-effect adjustment to beginning retained earnings related to the recognition of pre-existing lease liabilities and previously deferred gains on sale-leaseback transactions in accordance with ASU 2016-02, adopted as of January 1, 2019. |